At Part I and Part II you can read how with the arrival of cryptocurrencies there is a challenge for regulators around EU to regulate cryptocurrency wallets and change of monies to fiat. This part will observe the Cryptocurrency registration at FCA is necessary as of 10th January 2020 the FCA (Financial Conduct Authority) has been the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor of the UK cryptocurrency businesses. All cryptocurrency businesses with cryptocurrency operations in the UK need to register with the FCA for money laundering and terrorist financing purposes.
The scope of cryptocurrency businesses that must carry out the cryptocurrency registration at FCA extends to cryptocurrency businesses with the following activities – cryptocurrency exchange providers (including Cryptocurrency Automated Teller Machine (ATM), Peer to Peer Providers, Issuing New Cryptocurrency, e.g. Initial Exchange Offerings), Custodian Wallet Providers. In case the Cryptocurrency businesses carry out one of the mentioned activities in the UK, it is compulsory to carry out the FCA registration.
Cryptocurrency registration at FCA for Cryptocurrency businesses is necessary to carry out Cryptocurrency business activities in the UK, and is one of the essential features in order to successfully carry out cryptocurrency business.
Besides that, we will be happy to assist in other relevant spheres, such as:
- Selection and renting an office in Estonia;
- Selection of Director that is an Estonian resident;
- Director’s trainings on the recent KYC/AML requirements.
To find out more detailed information regarding the Cryptocurrency licensing in Estonia and United Kingdom do not hesitate to contact lawyer in Baltics: