On 11 August 2022, the FCA updated the following webpages:
- Requirements for a change in control– The webpage now provides that, an FCA registered cryptoasset firm (i.e. a cryptoasset exchange provider and/or a custodian wallet provider) is subject to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs). It is not subject to the regime under Financial Services and Markets Act 2000 (FSMA). The Money Laundering, Terrorist Financing and Transfer of Funds (Amendment) (No.2) Regulations 2022 bring elements of the FSMA change in control provisions within the scope of MLRs.
- Change in control: notification forms – New forms have been added.
- Cryptoassets: AML/CTF regime – The webpage now contains a new section under the heading ‘change in control for registered cryptoasset firms’. The sections sets forth that, from 11 August 2022 any person who decides to acquire 25% or more control of an FCA registered cryptoasset firm must receive prior FCA approval before completing the transaction. Furthermore, it is a criminal offence to acquire control of an FCA registered cryptoasset firm without FCA approval.
- Control thresholds or bands – The webpage now notes that a single threshold of 25% or more applies to FCA registered cryptoasset firms.