The UK Financial Conduct Authority said on June 3 that it would extend the date for existing cryptoasset businesses to register through the Temporary Registrations Regime, which allows firms to continue trading while their applications are being processed. The deadline for registration is now March 31, 2022.
In a press release, the FCA said that it would only register firms that have adequate processes in place to identify and prevent money laundering and terrorist financing; the agency noted that a large number of businesses were falling short of the standards set by the Money Laundering Regulations, resulting in the withdrawal of an “unprecedented number” of applications.