U.K. authorities say crypto firms ‘fall short’ of AML rules

2021-6-5 19:00

Britain’s Financial Conduct Authority (FCA) said yesterday that numerous crypto businesses are withdrawing their application to legally register, while failing to meet anti-money laundering and counter-terrorism financing rules.

From the beginning of 2020, businesses performing cryptocurrency activities in the UK needed to comply with the amended Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) and register with the FCA.

‘Unprecedented’ number of businesses withdrawing 

The FCA extended their deadline for the Temporary Registration Regime (TRR) for existing crypto firms from 9 July 2021 to 31 March 2022, allowing them to carry on business as they continue their assessments.

We are extending the Temporary Registrations Regime for existing #cryptoasset businesses from 9 July 2021 to 31 March 2022 https://t.co/EFH55WRR7v

— Financial Conduct Authority (@TheFCA) June 3, 2021

“A significantly high number of businesses are not meeting the required standards under the Money Laundering Regulations resulting in an unprecedented number of businesses withdrawing their applications,” the FCA said.

Only five firms that managed to register with the FCA include  Ziglu Limited, Gemini Europe Services Ltd, Digivault Limited, Archax Ltd, and Gemini Europe Ltd.

Another ninety businesses are currently allowed to continue trading as only temporarily registered, with applications pending determination.

Disciplining a 12-year old 

Bank of England Governor, Andrew Bailey, warned about “dangerous” cryptocurrencies and their lack of “intrinsic value” recently, joining the choir of regulators sounding alarms on crypto.

“For those who had assumed that it might turn into a currency – terribly sorry, but this is an asset, and it’s a highly speculative asset which has conducted some funny business and some interesting and totally reprehensible money-laundering activity,” said European Central Bank President (ECB) Christine Lagarde in January.

Roughly twelve years have passed since the initial release of Bitcoin and it seems the crypto space is going through those challenging teenage years, when authority is setting ground rules and curfews. But hold tight Bitcoin, we don’t want you to see you grounded!

The post U.K. authorities say crypto firms ‘fall short’ of AML rules appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto rules financing legally application withdrawing register

Источник: cryptoslate.com

crypto rules → Результатов: 126


Chilean Anti-Monopoly Court Grants Protection To Local Crypto Exchanges And Their Bank Accounts

Breaking: Chilean Anti-Monopoly Court Rules In Favor Of Local Crypto Exchanges In what can only be considered to be a landmark decision for the global crypto community as a whole, the Chilean anti-monopoly court has recently released an order that “grants protection” to local cryptocurrency exchanges by forcing banks to keep their accounts open— thus […]

2019-1-4 19:21


Use Of Bitcoin And Crypto Assets Gains Clarity In Bahrain After Central Bank Drafts New Regulations

Use Of Crypto Becomes Clearer In Bahrain After Central Bank Establishes Draft Regulations Countries around the world seem to be gravitating towards one of three different ways of handling cryptocurrency – banning it, establishing unclear rules that are constantly being reassessed, or clearly regulating it. In a new report from Reuters on December 13th, the […]

2018-12-15 23:27


SEC Chairman Affirms ICO Token Sales Are A Good Way To Raise Capital If Rules Are Properly Followed

SEC Chairman Affirms That ICOS Can Be A Good Way To Raise Capital If Rules Are Properly Followed Some people who follow the crypto market may find this strange, but the chairman of the U. S. Securities and Exchange Commission (SEC), has actually talked enthusiastically about Initial Coin Offerings (ICOs) recently. Despite the view of […]

2018-12-10 22:39


Фото:

Chilean Court Rules in Favor of Closing Bank Accounts of Crypto Exchange Orionx

In a landmark judgment, the Supreme Court of Chile has ruled that state-owned Bancoestado was justified in closing the accounts of cryptocurrency exchange Orionx without explanation. The judges ruled that the bank acted in compliance with laws on money laundering and terrorist financing, a threat allegedly posed by censorship-resistant, decentralized cryptocurrencies.

2018-12-6 14:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Биткоину 16 лет: первая криптовалюта в мире отмечает юбилей

Не верится, что Биткоину сегодня исполняется 16 лет! Так, 31 октября 2008 года был опубликован White Paper BTC. Этот день навсегда запечатлен в истории как момент, когда Сатоши Накамото — кем бы он ни был — создал концепцию независимой цифровой валюты.

Bhutan moves $66M to Binance, cashes in on Bitcoin’s climb above $70k

Blockchain data shows that Bhutan’s government recently transferred over $66 million in Bitcoin to Binance. Data from the blockchain analytical platform Arkham Intelligence showed that the Bhutan government-labelled address initiated three transfers out of its balance within four hours.

Bitcoin Dogs price: What’s the outlook as BTC spikes above $68k?

Bitcoin Dogs rose 30% in two weeks before paring gains. Bitcoin price is back above $68,000 after last week’s slip halted bulls’ momentum. With BTC regaining control above $68k, could this spark Bitcoin Dogs price? New upside momentum has pushed Bitcoin (BTC) above $68,500 following last week’s sharp decline that saw bears reject movement above […] The post Bitcoin Dogs price: What’s the outlook as BTC spikes above $68k? appeared first on CoinJournal.

Bitcoin наращивает свои позиции в Азии

Японская инвестиционная компания Metaplanet теперь владеет более 1 000 BTC. И по словам генерального директора Саймона Геровича, это сделало Metaplanet самым крупным корпоративным держателем BTC в Азии.