The Financial Conduct Authority (FCA), Britain’s top financial regulator, has granted five crypto temporary registered firms to continue operate in the country. The deadline for crypto firms to register with the FCA passed last week, but the applications of these five companies are still pending.
The Financial Conduct Authority (FCA) of the United Kingdom (UK) updated its list of crypto asset firms with temporary registration last Thursday. The five companies which are now on the list are Cex.io Ltd., Copper Technologies (UK) Ltd., Globalblock Ltd., Revolut Ltd., and Moneybrain Ltd.
The British financial regulator announced at the end of March that it had extended the registration deadline for some crypto firms in order to meet its regulatory requirements. There were 12 firms on the temporary registration list at the time. Companies that are not on the recent list will be unable to operate after April 1.
The financial regulator has registered a total of 33 firms. “We have been reviewing applications from crypto asset firms to ensure they meet the minimum standards we expect that those who run these firms are fit and proper and that they have adequate systems to identify and prevent flows of money from crime,” a spokesperson for the FCA recently stated.
The United Kingdom’s government unveiled a detailed plan last week to make the country a global crypto hub and a “hospitable place for crypto.” The government has decided to regulate stablecoins as part of the plan, and the chancellor of the exchequer, Rishi Sunak, has asked the Royal Mint to create a non-fungible token (NFT) that will be issued by the summer.
“It’s my ambition to make the United Kingdom a global hub for crypto asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate, and scale up in this country,” stated by Sunak.
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