The Financial Conduct Authority (FCA) has announced that it will extend the deadline for the registration of cryptoasset businesses under the Temporary Registrations Regime (TRR), as a high number of firms are not meeting the required standards.
The deadline is being extended from 9 July 2021 to 31 March 2022. Originally, the TRR was set up to allow existing cryptoasset firms, which applied for registration before 16 December 2020, to continue trading. However, the FCA said a high number of these applicants are not meeting the required standards under the money laundering regulations, resulting in an "unprecedented number of businesses" withdrawing their applications. By extending the deadline, the FCA can continue with its assessment process while allowing the cryptoasset firms to continue with their business in the meantime...
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