UK Regulator Allows 5 Crypto Firms to Operate With Temporary Registration

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UK Regulator Allows 5 Crypto Firms to Operate With Temporary Registration – The Financial Conduct Authority, the UK’s leading financial regulator, has granted five crypto businesses interim registration to continue operating in the country. The deadline for crypto companies to register with the FCA passed last week, but the applications of these five companies are still pending.

On Thursday, the Financial Conduct Authority in the United Kingdom revised its list of crypto asset companies with temporary registration. Moneybrain Ltd., Cex.io Ltd., Revolut Ltd., Copper Technologies (UK) Ltd., and Globalblock Ltd. are now among the five companies on the list.

Also Read: Treasury Secretary Yellen Says Crypto Regulation Should Support Responsible Innovation, Manage Risks

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The British financial regulator said at the end of March that it had delayed the registration date for some crypto companies in order to meet its regulatory criteria. There were 12 firms on the temporary registration list at the time.

In total, the financial regulator has registered 33 companies. “We have been evaluating crypto asset firms’ applications to ensure they fulfill the minimal standards,” a spokeswoman for the FCA recently stated. “We expect that those who manage these firms are fit and proper, and that they have effective mechanisms to identify and prevent money flows from criminality.”

UK Regulator Allows 5 Crypto Firms to Operate With Temporary Registration – The government of the United Kingdom unveiled a detailed plan last week to turn the country into a global crypto hub and a welcoming place for crypto.

Also Read: Crypto Exchange Coinbase Launches in India – Quickly Runs Into Trouble With UPI Payment System

The government has opted to regulate stablecoins as part of the plan, and the chancellor of the exchequer, Rishi Sunak, has requested the Royal Mint to establish a non-fungible token before the summer.  

“It is my desire to make the United Kingdom a global powerhouse for cryptoasset technology,” Sunak said, “and the policies we’ve detailed today will help to ensure that enterprises can innovate, invest, and scale up in this nation.”

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