On 22 June 2020, the FCA issued a new web page reminding firms that carry out cryptoasset activity in the UK, that they have to be registered with it to comply with new regulations.
From 10 January 2020, the FCA became the anti-money laundering and counter-terrorist financing supervisor of UK cryptoasset businesses under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended).
From 10 January 2020, businesses operating before 10 January 2020 and carrying on cryptoasset activity in the UK (existing businesses) have needed to be compliant and needed to register with the FCA. Businesses operating after 10 January 2020 must register with the FCA before conducting business.
30 June 2020 is the latest date for applications from existing businesses to be received for priority review to check that they are ready to be determined. For existing firms, if they do not submit a complete application by 30 June 2020, their registration may not be processed in time for 10 January 2021. If an existing business is not registered with the FCA on 10 January 2021 they will have to cease trading.