What is the FCA Crypto List?

hftdigital (25)in #crypto • 2 years ago

The Financial Conduct Authority (FCA) maintains a list of crypto assets online, including both registered and unregistered businesses. It also includes crypto firms with a temporary registration status, keeping track of all cryptoasset businesses with and without the FCA's full authorization.

But what is this crypto list, and what does it mean for people looking to try out digital currencies at established crypto firms?

The Crypto Assets List
The list is a full breakdown of every known crypto company that can offer crypto services in the UK, both registered and unregistered. It acts as a crypto register, listing each crypto exchange business operating in the country.

What is registration?
As of 2022, crypto asset activities can be monitored to prevent money laundering and assist with counter-terrorism. Cryptoasset firms need to be compliant with the Money Laundering Regulations (MLRs) and register with the FCA.

Businesses that are not registered are not firms permitted to offer crypto services to the UK public. They are considered to be operating illegally and going against the laws of the UK government.

Why does this matter?
The government has restrictions in place for anti-money laundering efforts and other safety or quality checks, but crypto firms occasionally decide to operate in the UK without authority. An unregistered firm is not only illegal but is most likely not following relevant laws that protect investors.

Investing in illegal and unregistered firms puts you at serious risk of having a payment taken, money withheld, accounts stolen, and personal details used against you. (read more: https://coinpass.com/en/blog/academy/what-is-the-fca-crypto-list)…

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