UK FCA further extends the registration deadline for crypto firms

The U.K.'s Financial Conduct Authority (FCA) has once again extended the registration deadline for existing crypto businesses in the country. The new registration deadline is March 31, 2022, the FCA announced Thursday.

The FCA established a temporary registration regime last December after struggling to deal with hundreds of applications. The initial deadline was January 10, 2021, before it was pushed back to July 9. The regime allows existing crypto firms, who have applied to be registered with the FCA, to continue trading.

The FCA has had to extend the deadline twice because many applications are still pending review. "An unprecedented number" of firms are also withdrawing their applications, according to the FCA, because they are not meeting the required standards under the money laundering regulations.

Indeed, last week U.K. Treasury official John Glen said more than 90% of the firms assessed to date have withdrawn their application following the FCA intervention. According to Glen, many crypto firms have failed to hire the right people to implement anti-money laundering processes.

Source : theblockcrypto.com