Financial Crime Reports Must Now Be Submitted Annually by UK Cryptoasset Businesses
By Ollie H - Crypto Consultant - 31-03-2021
Eight months after initially revealing plans to do so, the United Kingdom's Financial Conduct Authority (FCA) has placed crypto asset management companies in the financial crimes reporting category.
The FCA had recently confirmed this in a policy statement that had been published on its site on Wednesday. This action follows the country's financial regulator's decision to raise the number of companies needed to send an annual financial crime report recognized as "REP-CRIM" from 2,500 to approximately 7,000.
“We will strengthen our rules to prevent money laundering, as well as working with domestic and international stakeholders to support a joined-up approach to crypto assets.”
When the proposal was first revealed in August 2020, the UK regulator claimed that it was part of plans to integrate a data-focused strategy to fintech regulation. With financial crimes reporting obligations regardless of the crypto broker firm's gross annual sales.
Crypto market investment businesses are described by the FCA as cryptocurrency exchanges and custodial wallet providers. The necessity for REP-CRIM reporting reflects the regulator's expanded regulation of the digital currency space that involves mandatory registration for digital asset firms.
Since January 2020, the FCA has been overseeing the Anti-Money Laundering enforcement of U.K. crypto buying companies. The FCA was forced to establish a transitional licensing regime in December 2020 due to a shortage of cryptocurrency trading company registration applications.
The FCA's retail derivatives trading ban went into effect in January 2021 as well.
If you are looking to Buy and Sell Cryptocurrency, just head over to BC Bitcoin where you can easily register an account to start investing today.
https://cointelegraph.com/news/uk-crypto-firms-must-now-submit-yearly-financial-crimes-reports
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
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