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The Financial Conduct Authority (FCA), the chief regulatory body of the UK has just announced a “Temporary Registration Regime” for existing crypto businesses in the country. The temporary regulatory solution would allow crypto business who applied for the business license can continue their business unless notified otherwise.
FCA also warned customers to withdraw their funds from those crypto businesses who were required to register with the regulatory body but failed to do so, before 10th January 2021. The latest set of regulatory guidelines issued by the regulatory body asks consumers to
- Check if the firm they use is on the FCA’s Register or list of firms with Temporary Registration.
- If they are not, check whether they are entitled to carry on business without being registered with the FCA (this may apply if they are registered in a different country).
- If the firm is not entitled to carry on business, then consumers should withdraw their crypto-assets and/or money before 10 January 2021. This is because the firm will be operating illegally if it does not cease trading from 10 January 2021.
This Story is being updated…..
