The FCA has established a Temporary Registration Regime to allow existing cryptoasset firms, who have applied to be registered with the FCA before 16 Dec, to continue trading after 9 January 2021 until 9 July 2021, pending the FCA’s determination of their application.
Firms that did not submit an application by 15 December 2020 will not be eligible for the temporary registration regime. These firms will need to return cryptoassets to customers and stop trading by 10 January 2021. These applicant firms will need to return cryptoassets to customers and stop trading by 10 January 2021. The FCA has warned in this case, firms that do not stop trading by that date are at risk of being subject to the FCA’s criminal and civil enforcement powers.