UK's FCA Extends Temporary Registration Deadline for Select Crypto Firms
The Temporary Registration Regime will end April 1 "for all but for a small number of firms where it is strictly necessary."
Mar 30, 2022 at 11:50 a.m. UTCUpdated May 11, 2023 at 6:36 p.m. UTC
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The U.K.'s Financial Conduct Authority pushed back its March 31 deadline for some crypto firms to attain full registration.
- Companies that had applied for registration with the U.K.'s financial watchdog that had yet to be either accepted or rejected had been placed on a temporary register allowing them to continue operating until March 31.
- In an update published Wednesday, the FCA said: "The Temporary Registration Regime (TRR) will close on 1 April, for all but for a small number of firms where it is strictly necessary to continue to have temporary registration."
- A dozen firms currently occupy the TRR, including companies such as Blockchain.com, Copper and Revolut.
- More than 100 crypto firms applied for registration with the FCA after the regulator became the anti-money laundering and counter-terrorism financing authority in the U.K. at the start of 2020.
- To date, 33 have been approved. More than 60 have been rejected or withdrew their applications. Crypto payments firm Wirex was the most recent firm to do so, withdrawing its application this week.
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Jamie Crawley is a CoinDesk news reporter based in London.