FCA announces an extension to 31 March deadline – Temporary Registration Regime (TRR) for crypto firms

Mar 31, 2022 12:00:00 AM

What has happened?

On 30 March 2022, the FCA announced an extension to the 31 March 2022 deadline for certain Temporary Registration Regime (TRR) crypto firms to secure full registration.

What was the reason for the FCA’s decision?

Crypto firms that had applied for registration but had not been accepted or rejected have been put under the TRR. This regime, originally established in 2020, had been set to close on 1 April, but in an update on its website the FCA now says that the closure will not apply for a “small number of firms where it is strictly necessary to continue to have temporary registration”.

Of the approximately 100 crypto firms to apply for registration since 2020, the FCA has approved 33, with the others either being rejected or withdrawing their applications.

How can we help you with AML crypto regulation?

If you’d like to know more about how we can help with your AML crypto registration arrangements, or with any other regulatory compliance issues, our expert team is here to help.

Our team has extensive expertise in cryptocurrencies, money laundering regulations and the FCA’s registration process. We have a dedicated financial crime team who have assisted multiple firms in complying with their AML crypto regulation obligations. Our in-depth knowledge and experience make us well suited to support your business through the FCA cryptocurrency registration process.

We can advise on how the new rules apply specifically to your business and exactly what you need to do to prepare. We can also take on some of the spadework for you. This can include:

An AML audit of current operations
A suite of AML compliance policies and procedures
AML training
Assistance with preparing your application for registration with the FCA
Advising on business plans and on the fit and proper test for individuals

Blog