Jane Imrie

FCA announces trading extension for cryptoasset businesses

Cryptoasset businesses will be able to keep trading while being assessed thanks to a scheme extension.

The Financial Conduct Authority (FCA) is extending the end date of the Temporary Registrations Regime (TRR) for existing cryptoasset businesses from July 9 2021 to March 31 2022.

The move will allow cryptoasset businesses that applied for registration before December 16 2020 to continue trading as their applications are assessed.

The TRR was established in 2020 in order to conduct anti-money laundering and counter terrorist financing checks on existing cryptoasset firms.

In a statement this morning, the FCA said: “A significantly high number of businesses are not meeting the required standards under the Money Laundering Regulations resulting in an unprecedented number of businesses withdrawing their applications.

“The extended date allows cryptoasset firms to continue to carry on business whilst the FCA continues with the robust assessment being undertaken. Anti-money laundering and counter terrorist financing legislation are aimed at protecting against enabling the transfer and disguise of funds from criminal activity, or funding of terrorist groups.

“While this is not the only element that the FCA will assess in relation to an applicant, the FCA will only register firms where it is confident that processes are in place to identify and prevent this activity.”

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