đŹđ§ UK Crypto Landscape Stagnates as FCA Halts Registrations for Six Months đš
$SOL $ETH $LISTA đ‎ïžđȘ
đ The Financial Conduct Authority (FCA) has pressed the brakes on cryptoasset business registrations for six months đ°ïž due to concerns over:
- Anti-Money Laundering (AML) đ«
- Counter-Terrorist Financing (CTF) đ«
đź The FCA has been actively supervising cryptoasset businesses, taking action against unregistered crypto ATMs across the UK đ.
đ The FCA's primary concern is ensuring cryptoasset businesses meet minimum standards for registration under its AML/CTF regime đ.
đ Temporary Registration Regime (TRR) deadline extended to March 31, 2022 đ due to UK crypto companies' lack of AML compliance đ«.
đ€ This move aims to strengthen AML/CTF controls in the UK crypto space, but may lead to:
- Stagnation in the UK crypto market đ
- Delays in innovation and growth đ«
đ The FCA's actions demonstrate a commitment to regulating the crypto space and protecting consumers from financial crime đ°.
đ However, the UK crypto industry must adapt to meet the FCA's requirements and ensure compliance to move forward đ.
