On 25 October 2019, the FCA published a new webpage concerning its future role as the anti-money laundering and counter terrorist financing (AML / CTF) supervisor of UK cryptoasset businesses under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (MLRs).

The new webpage describes the scope of cryptoasset activities that come within the MLRs as described in HM Treasury’s April 2019 consultation, the registration requirements for cryptoasset businesses and the FCA’s approach to supervision and enforcement.

The webpage also sets out the following key dates:

  • 10 January 2020: FCA Gateway opens for businesses to submit applications for entry to the FCA register. A business must comply with the MLRs in relation to cryptoasset activities. The FCA have powers to supervise and enforce under the MLRs;
  • 30 June 2020: latest date for applications to be received for priority review to check that they are complete and ready to be determined;
  • 10 October 2020: latest date for complete applications ready to be determined by 10 January 2021; and
  • 10 January 2021: any firm not registered must cease trading.