This article looks at the overview of registering a cryptoasset (cryptocurrency) business with the FCA for AMl purposes.
The FCA is the new anti-money laundering and counter-terrorist financial (AML/CTF) supervisor of cryptoasset businesses based in the UK under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
If you are a cryptoasset business in the UK from 10 January 2020 you will be required to register with the FCA.
Types of cryptoasset activities
Cryptoasset exchange providers include:
- Cryptoasset automated teller machines (ATMs),
- Peer to peer provides
- Issuers of cryptoasset - initial coin offer (ICO),
- Issuers of cryptoassets – initial exchange offering
- Custodian wallet providers
Cryptoasset activity description
Your business must register if it is providing the following services concerning the above cryptoassets:
a. exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets,
b. exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another. For example, cryptocurrency exchanges fall under this description.