Chapter CRYPTO100350

Published date30 March 2021
Record NumberCRYPTO100350

As of 10 January 2020 the Financial Conduct Authority (FCA) is the anti-money laundering supervisor for businesses performing certain activities. The regulations under the amended Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (referred to below as the new AML legislation). The activities that come under the regulatory perimeter are:

  • Cryptoasset exchange provider
  • Cryptoasset ATM
  • Peer to Peer providers
  • Issuing new cryptoassets
  • Custodian wallet providers

These categories of business will become ‘obliged entities’ under the new AML legislation, bringing them into line with traditional financial institutions such as banks. This means businesses in this sector will be obliged to implement measures...

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