Many companies operating with cryptocurrencies are not meeting anti-money laundering regulations, the U.K.’s Financial Conduct Authority revealed. The government agency has extended its temporary registration scheme after facing a growing number of crypto firms that are withdrawing their applications.
FCA Extends Temporary Registrations Regime Till End of March 2022
The Financial Conduct Authority (FCA) announced Thursday it’s extending the end date of the Temporary Registrations Regime (TRR) for crypto businesses to March 31, 2022. The regulatory body pointed out that a “significantly high number” of companies are not meeting current anti-money laundering (AML) requirements which have resulted in “an unprecedented number” of entities withdrawing their applications. In a statement published on its website, the FCA noted:
The extended date allows cryptoasset firms to continue to carry on business while the FCA continues with its robust assessment.
Last year, the financial regulator said that all businesses trading cryptocurrencies on Jan. 10, 2020, are subject to the country’s updated Money