Procedure to Register your Cryptoasset Business with the FCA for AML




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.</