Crypto businesses in the UK can continue to operate thanks to the new temporary registration regime.
The UK’s top financial services and market regulator is introducing a temporary registration regime for all crypto businesses today. The FCA informed about it today through its official website.
The Temporary Registration Regime is for existing cryptoasset businesses which have applied for registration before 16 December 2020, and whose applications are still being assessed. This is to enable those existing businesses to continue to trade after 9 January 2021 until 9 July 2021, pending the FCA’s determination of their application.
The FCA adds that they have not been able to assess and register all the companies due to the complexity of this process and due to the COVID-19 pandemic, the office was unable to visit these companies.
Those companies that did not apply by 15 December 2020 lose their entitlement to the temporary registration regime and will have to return all cryptocurrencies to their customers. They must also cease trading by January 10, 2021, if they do not terminate the activity, they risk being a subject to the FCA’s criminal and civil enforcement powers.
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