- Financial Conduct Authority’s (FCA) temporary registration (TRR) lists firms drop from twelve to five.
- It will be extending the temporary registration status for just a few firms where it is necessary, the regulator recently highlighted.
- The Companies that remain on the list include, Moneybrain, Copper, CEX.IO, etc
The number of firms allowed to provide crypto services to UK residents under the Financial Conduct Authority’s (FCA) temporary registration (TRR) list has witnessed a drop from twelve to just five.
The authority’s recent update to the listicle of “Cryptoasset firms with Temporary Registration”, highlighted Globalblock, Moneybrain, Copper, CEX.IO, and Revolut as the firms in the crypto industry allowed to operate in the country along with other 34 crypto companies that the FCA has approved since August 2020.
According to FCA when it recently highlighted that it will be extending the temporary registration status for just a few firms where it is necessary. And back then, it included 12 companies.
The firms permitted to carry out crypto asset activities need to be registered with FCA or they have been granted temporary status in the UK. Last year the Authority ordered Binance Markets Limited to halt any activity in the UK and further issued a shutdown or face further action for the Bitcoin ATM local operators. And several crypto entities withdrew their registration applications completely.
This alteration came after an announcement earlier in the week in which HM Treasury signified it would amend its current regulatory framework to incorporate stablecoins used as a means of payment. It will work with the U.K. government for the next three years to create a regulatory approach to crypto-assets including stablecoins as well as a crackdown on “problem firms” under its purview, highlighting the FCA’s strategy.
Although it is not specified how long Copper, Globalblock, CEX.IO, Revolut, and Moneybrain will continue to be allowed to operate under this temporary registration status. And the authority did not specify a new deadline for the firm’s registration to be approved or rejected but it earlier extended the review period from July 2021 to March 2022.
Furthermore, the regulator said via a Tweet that it would be hiring 80 employees to crack down on problems.
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Source: https://www.thecoinrepublic.com/2022/04/09/uk-crypto-firms-under-fcas-temporary-registration-is-just-five-now/