FCA has reminded businesses that carry on cryptoasset activity in the UK to register with it for AML purposes, if they have not done so already. Firms that were carrying on the activities before 10 January 2020 must have submitted completed applications by 30 June in order for FCA to process them by the 10 January 2021 deadline. Any firms not registered by then will have to cease business until registered. Any firms that have set up since 10 January 2020 must be registered before they can start the relevant business.
FCA reminds that firms authorised or registered under FSMA, the EMRs or PSRs who undertake relevant cryptoasset activity must also be registered.
It has also reminded firms that if their activity is not covered by FOS and/or FSCS protection they should be making this clear to customers before entering into a business relationship, and has shared its tips for applying for registration – including ensuring that all documents supplied are fit for purpose.