How to Obtain the UK Cryptocurrency license - Cryptoasset AML Registration




Introduction


If you wish to become or are providing cryptoasset services in the UK, then you must register with the FCA for the MLRs (money laundering regulations). If you are a cryptoasset business, in the UK from 10th January 2020, you will be required to register with the FCA.

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.

We are helping cryptoasset businesses to register with the FCA. The registration has been a challenging process for cryptoasset businesses. Buckingham Capital Consulting is working with cryptoasset firms in helping them understand their AML risks and addressing them, ensuring the FCA's registration process is as smooth as possible.


What is a Cryptoasset?

A cryptoasset is a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically, and includes a right to, or interest in, the cryptoasset (Regulation 14A(3)(a) and (c) Money Laundering Regulations).

Some cryptoassets may be deemed as specified investments and fall under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, whilst they can also fall under electronic money and therefore the scope of the Electronic Money Regulations 2011.

If your cryptoasset business provides regulated investment or electronic money services, you must ensure that it has the appropriate regulatory permissions to comply with regulatory requirements, particularly those concerning anti-money laundering and countering terroris