Starting today, the UK Financial Market Conduct Authority (FCA) will oversee companies using crypto assets to conduct business, a change that was part of a previous amendment to the country's anti-money laundering and counter-terrorism financing regulations. The FCA states on its website that companies engaged in specific activities related to cryptocurrencies will need to comply with new requirements, including: determining and assessing the extent of money laundering and terrorist financing risks caused by the company's business; and implementing policies to mitigate these risks; Designate a senior manager responsible for compliance; conduct due diligence on clients ; clients identified as high risk need to “strengthen due diligence”.
Both new and existing companies need to comply with the revised rules. The FCA announcement states that the new company needs to be registered with the agency immediately. At the same time, existing companies in the jurisdiction of the FCA, including "electronic money institutions or payment service companies" interested in crypto businesses, need to register before January 2021. The FCA requires that affected companies must submit registration applications by June 2020 to ensure that they complete registration before the deadline.
FCA said in a previous announcement that the revised regulations will affect digital currency transaction providers (including fiat and currency trading platforms), bitcoin ATM machine operators, peer-to-peer market providers, providers of new crypto assets and custody Wallet provider.