Emma RadmoreFCA has commented on recent statements made by Bitpanda announcing its acquisition of Trustology Limited. It comments that the acquisition has made Bitpanda (an EU digital assets service provider) the new beneficial owner of Trustology, which is registered under the MLRs as a crypto asset business. FCA comments that, while the MLRs do not include a mechanism for FCA to assess the fitness and propriety of beneficial owners or changes in control before a transaction is completed (unlike the FSMA position), it can take steps to suspend or cancel registrations if it is not satisfied the firm or its beneficial owner is fit and proper.
