Temporary Registration will be phased down on April 1, “save for a small number of enterprises where it is absolutely necessary.”
The Financial Conduct Authority of the United Kingdom has extended the March 31 deadline for some cryptocurrency firms to get full registration.
Companies that had submitted registration applications to the UK’s financial watchdog but had not yet been accepted or rejected had been placed on a temporary register, allowing them to continue functioning until March 31.
The FCA stated in a Wednesday update: “The Temporary Registration Regime (TRR) will close on 1 April, except for a small number of enterprises where continued temporary registration is vitally necessary.”
The TRR is now occupied by a dozen enterprises, including Blockchain.com, Copper, and Revolut.
After the FCA became the anti-money laundering and counter-terrorism funding authority in the United Kingdom at the start of 2020, more than 100 crypto companies sought for registration with the regulator.
33 have been accepted to date. Over 60 applicants have been denied or have withdrawn their applications. Wirex, a cryptocurrency payments company, was the most recent to withdraw its application this week.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.