Crypto Regulations With the FCA
Several major developments have come out of the United Kingdom lately, including Liz Truss becoming the 56th Prime Minister of the UK and the demise of Queen Elizabeth II. While there is a lot going on in the social and political realm in the UK, many eyes will be on how the crypto regulations proceed in the country.
The Financial Conduct Authority (FCA) is the AML/KYC regulator of UK crypto businesses. The FCA stated in a press release published in October 2019 that businesses dealing with cryptocurrencies must comply with the same anti-money laundering requirements as banks and financial services.
“Our supervisory approach to crypto asset businesses will be in line with our approach to other businesses under the money laundering rules (MLRs),” FCA states in the press release update of May 2022.
The UK crypto regulations currently match EU requirements specified in the 5AMLD and 6AMLD directives. FCA had previously set a deadline of March 31, 2022,...
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