A large number of UK companies that work with crypto aren’t meeting the anti-money laundering (AML) regulations, according to the UK Financial Conduct Authority (FCA). This has made the government agency extend the temporary registration scheme following the decision of several crypto firms to withdraw their application.
The Financial Conduct Authority confirmed it would extend the date of the Temporary Registrations Regime (TRR) for crypto businesses by almost another year, with the new deadline being March 31st, 2022. The regulatory body highlighted the fact that a “significantly high number” of companies fail to meet the AML requirements.
This has led to “an unprecedented number” of companies deciding to withdraw their applications. The FCA declared: “The extended date allows cryptoasset firms to continue to carry on business while the FCA continues with its robust assessment.”
The initial deadline was January 10th, 2021, before it was moved to July 9th.