UK Financial Regulator FCA Allows 5 Cryptocurrency Firms to continue their services With a Temporary Registration Certificate.

 

Britain’s top financial regulatory authority (FCA) Financial Conduct Authority, has permitted five well-known cryptocurrency firms to carry on their services within the UK even with temporary registration certification permission. The given deadline for cryptocurrency firms to get registered with the FCA is over but according to some top officials, these five crypto firms’ applications are still in the review process and even pending.

Britain Five Cryptocurrency service providers Can Continue to Operate their business in the UK With a Temporary Registration certificate.

The United Kingdom’s Financial Conduct Authority (FCA)  issued it's updated its list of cryptocurrency asset firms operating in the UK with a temporary registration certificate on Thursday.

Total numbers of five crypto firms on the (FCA)  list: Moneybrain Ltd. Revolut Ltd., Cex.io Ltd., Copper Technologies (UK) Ltd., and  Global block Ltd., 

At the end of March 2022, officials OF the (FCA) confirmed that the Financial Conduct Authority is going to extend the registration dates for some crypto firms within the United Kingdom to complete and comply with their financial regulatory requirements.

 Currently, there were 12 cryptocurrency firms granted temporary registration certification to continue their operations. However, six crypto firms have applied to gain official permission to continue their service in the UK. According to crypto companies that are not on the latest list will not be able to operate from  April 1, 2022

The financial regulatory authority (FCA) has already officially registered 33 crypto firms at once. “Officials are reviewing cryptocurrency firms’ registration applications to make sure they are capable and meet the minimum requirements which  

Great Britain and its departments expect that those who are running these crypto firms are trustworthy, fit and have proper business esthetics and the most adequate system to keep a sharp eye on the system that can immediately scan and figure out the illegal and unauthorized flow of money from criminal activities to anywhere within the United Kingdome ” a spokesperson for the FCA recently stated.

Previously the U.K. government officials disclosed a comprehensive plan to make the United Kingdom a central place and a hub for crypto and digital currencies where people feel much more hospitable and comfortable than else anywhere else on the planet.

Another major development regarding cryptocurrency assets and part of the British Government's plan is to regulate stable coins whereas the chancellor of the Exchequer, Rishi Sunak, has asked the Royal Mint to seriously focus on creating a non-fungible token (NFT) that could be issued by the coming summer. Sunak stated: 

“It’s my passion and ambition to make the United Kingdome a global pivotal hub for crypto-asset technology, and the measures we have figured out so far and today will certainly help to ensure crypto firms can freely invest, innovate, and scale up its business activities in the UK”

What do you folks say about the FCA's lenient attitude towards extending the registration deadline for five cryptocurrency firms in the UK? Let us know about your opinion in the comments section below.