The Financial Conduct Authority (FCA) has extended the date of its temporary registrations regime (TRR) from 9 July 2021 to the end of March 2022 for existing cryptoasset businesses. The FCA notes that a large number of businesses are not meeting the required standards under the Money Laundering Regulations, resulting in many businesses withdrawing their applications. UK Cryptoasset firms should ensure they fully understand and incorporate requirements of the Money Laundering Regulations.
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