UK Crypto Firms Awaiting Recognition Get Temporary Relief
- The companies which have applied for recognition can offer their services till July 9, 2021.

The United Kingdom’s financial market regulator has established a temporary registration regime for cryptocurrency companies, which are awaiting mandatory registration approvals to continue their operations in the country.
This order came just ahead of the deadline of January 10, 2021, previously set by the Financial Conduct Authority (FCA), mandating all existing and new cryptocurrency businesses operating in the country to register.
Though newly opened businesses need this approval upfront, the existing businesses had to apply for it before the initially set deadline on June 30, 2020, which was extended afterwards.
Wednesday’s order specified that the lax registration is only applicable to companies which submitted their applications with the regulator before December 16, 2020. Crypto businesses that have yet to apply for the registration need to shut their UK operations by withdrawing their crypto assets or money before January 10, 2021.
“If the firm is not entitled to carry on business, then consumers should withdraw their crypto assets and/or money before 10 January 2021. This is because the firm will be operating illegally if it does not cease trading from 10 January 2021,” FCA noted.
UK Crypto Companies Should Register
FCA mandated the crypto business registration at the beginning of this year after it became the supervisory authority for the anti-money laundering and counter-terrorist financing (AML/CTF).
However, the registration process remained extremely slow “due to the complexity and standard of the applications received, and the pandemic restricting the FCA’s ability to visit firms as planned.”
To date, the FCA registered only four firms, two of which are UK entities of Winklevoss twins-owned crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term, Gemini. The other two are Archax and Ziglu.
The United Kingdom’s financial market regulator has established a temporary registration regime for cryptocurrency companies, which are awaiting mandatory registration approvals to continue their operations in the country.
This order came just ahead of the deadline of January 10, 2021, previously set by the Financial Conduct Authority (FCA), mandating all existing and new cryptocurrency businesses operating in the country to register.
Though newly opened businesses need this approval upfront, the existing businesses had to apply for it before the initially set deadline on June 30, 2020, which was extended afterwards.
Wednesday’s order specified that the lax registration is only applicable to companies which submitted their applications with the regulator before December 16, 2020. Crypto businesses that have yet to apply for the registration need to shut their UK operations by withdrawing their crypto assets or money before January 10, 2021.
“If the firm is not entitled to carry on business, then consumers should withdraw their crypto assets and/or money before 10 January 2021. This is because the firm will be operating illegally if it does not cease trading from 10 January 2021,” FCA noted.
UK Crypto Companies Should Register
FCA mandated the crypto business registration at the beginning of this year after it became the supervisory authority for the anti-money laundering and counter-terrorist financing (AML/CTF).
However, the registration process remained extremely slow “due to the complexity and standard of the applications received, and the pandemic restricting the FCA’s ability to visit firms as planned.”
To date, the FCA registered only four firms, two of which are UK entities of Winklevoss twins-owned crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term, Gemini. The other two are Archax and Ziglu.