Recently, the United Kingdom’s Financial Conduct Authority released a detailed statement urging all local crypto business operators to register with the government watchdog by June 30. As part of the document, the regulator has made it absolutely clear that applications will need to have been processed, at the latest, by the end of the official grace period, which ends on Jan. 10, 2021, and failing to meet the requirement will result in a default.
From a more technical standpoint, the FCA’s latest registration guidelines come laden with a number of specific compliance quotas, primarily in relation to crypto-related activities like Anti-Money Laundering and Counter-Terrorism Financing. For example, crypto firms operating within the U.K. need to establish highly efficient governance systems to eliminate any possible AML/CTF issues arising by the end of the 2021 deadline; otherwise, they will have to cease their operational activities.