The Financial Conduct Authority (FCA), 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 waiting.
On Thursday, the Financial Conduct Authority (FCA) in the United Kingdom revised its list of crypto-asset businesses with provisional registration. Cex.io Ltd., Copper Technologies (UK) Ltd., Global block Ltd., Revolut Ltd., and Moneybrain Ltd. are now among the five companies on the list.
At the end of March, the British financial regulator said that it had delayed the registration date for some crypto companies to fulfill its regulatory criteria.
There were 12 businesses on the temporary registration list at the time. Companies that do not appear on the most recent list will be unable to function after April 1.
In total, the financial regulator has registered 33 companies. “We have been evaluating crypto-asset businesses’ applications to ensure they fulfill the minimal criteria,” a spokeswoman for the FCA recently stated.
“We expect that persons who manage these firms are fit and proper and that they have effective mechanisms to identify and prevent money flows from criminality.”
Will the UK be a global crypto hub?
The government of the United Kingdom published a detailed strategy last week to turn the country into a worldwide crypto powerhouse and a “hospitable place for crypto.”
The government has opted to regulate stablecoins as part of the plan. The chancellor of the exchequer, Rishi Sunak, has ordered the Royal Mint to establish a non-fungible token (NFT) before the summer.
“It is my desire to make the United Kingdom a worldwide powerhouse for crypto-asset technology,” Sunak said, “and the policies we’ve detailed today will assist to guarantee that enterprises can invest, innovate, and scale up in this nation.”
The government also stated that it would look at various methods to make the UK’s tax structure more flexible in order to enable the crypto markets to thrive.
A country that appreciates crypto and the underlying technology is far superior to one that is attempting to eliminate the crypto business, such as India.