Crypto Companies: The UK financial regulator today raised a number of concerns it believes crypto firms should keep in mind as the deadline for inclusion in the AML cryptoasset registry approaches.
The Financial Conduct Authority (FCA) stressed the importance of companies being clear with customers, taking into account the assessment of risks associated with financial crimes.
The regulator stated that firms should look at the unregistered crypto-asset list before doing business. He also stated that he will continue to monitor the use of crypto assets in custody arrangements and, where appropriate, promote responsible innovation, protecting consumers and ensuring market integrity.
Crypto companies that fail to register with the regulator in the UK will have to cease operations.
As the deadline approaches, some companies are starting to withdraw from the UK market. B2C2 Ltd., owned by SBI, one of the largest market makers in the crypto industry, withdrew from the registry earlier this month and effectively terminated its application.
Sources state that other crypto firms will follow a similar stance.