Since January 2020, firms undertaking any cryptoasset activity in the UK have had to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the ‘MLR’s), and this includes being registered with the FCA to continue to carry on that business. Now, new entrants to this market must secure FCA registration before they can begin trading.
To date, we have seen evidence that the FCA is taking a tougher stance on ALL firms seeking the necessary registration to carry out crypto asset activity in the UK.
With this increased scrutiny and apparent higher barrier to entry, new firms need to have a full understanding of the FCA’s expectations and be willing and able to demonstrate they can meet them. Among other things, this will include carrying out anti-money laundering risk assessments, producing business and marketing plans and demonstrating that relevant staff within the firm have the appropriate knowledge and experience to act within their regulated capacity, have a sufficiently good reputation, plus will not cause damage to the UK economy or put the FCA’s ability to regulate the market in jeopardy.
In this 60-minute webinar, Complyport’s expert consultants discussed the key criteria firms need to consider before making their Crypto Asset Registration application to the FCA, and what will continue to be required of them thereafter.
FCA Cryptoasset Registration webinar details
During this webinar we discussed:
- How did we get here? A summary of recent developments in the crypto space
- The FCA’s current role in relation to crypto, in particular firm registrations for AML purposes
- Who needs to register and the registration process
- How the FCA is approaching applications for crypto registrations
- The Money Laundering Regulations and their ongoing requirements for successfully registered firms
If this webinar has raised any questions, or you think your firm may require assistance, please contact either Martin Schofield via martin.schofield@complyport.co.uk or Jan Hagen via jan.hagen@complyport.co.uk to book in a free consultation.
About Complyport
Complyport is the City’s market leading consulting firm supporting the UK financial services industry for over 20 years. We specialise in providing Governance, Risk and Compliance services to support the regulated financial services industry to raise standards and thrive.
Complyport advises and assists firms to become authorised and to comply with the rules and requirements of regulators on an ongoing basis. Our vision is to be there for our clients every step of the way, helping them change, grow, and excel through expertise, insight, and innovation, and in so doing to become our clients’ most valued supplier and trusted advisor.
We have successfully assisted over 1000 firms to become authorised with the FCA and EU and are providing regulatory support to over 600 regulated firms on an ongoing basis globally. With presence in the UK and EU, as well as via our Associates Network, Complyport can assist firms across multiple jurisdictions.
Complyport’s multidisciplinary consultants possess deep expertise in their field, having acted in FCA skilled person reviews, as expert witnesses in legal cases and as expert investigators for firms or their legal advisers.
Day to day, we conduct audits and reviews of a firm’s products, processes, policies, and procedures to identify scope for business, to determine the impact of regulatory developments and to verify compliance with local regulations. Our clients tell us we live our values; we are driven, agile and collaborative.
