FCA has set up a temporary registration regime for cryptoasset businesses who have applied for registration with FCA under the MLRs but whose applications FCA is still considering. It is taking FCA longer than hoped to assess applications because of the complexities of the process and the pandemic restricting FCA’s original plans to visit applicants.
The regime will allow firms who were operating before 10 January 2020 and who had applied for registration before 16 December 2020 to continue to trade until 9 July 2021, pending FCA determining their applications. Without this extension, firms would have had to cease business if not registered by 10 January 2021.
FCA reminds customers that they should check whether firms are registered – any firm that started business after 10 January 2020, or that has not applied for registration, cannot carry on business that falls under the MLRs until registration is complete.