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Britain announces to digital currency companies: either get a license or close!

The British Financial Strategy Authority (FCA) has warned unregistered digital currency companies that they must close all operations and return to investors in accordance with the plan approved at the beginning of 2020.

To Report Block Crypto, January 8 (January 19), the regulator warned that digital currency businesses that did not submit or withdraw their application to the UK Financial Strategy Authority by December 15, 2020, should withdraw all activities. Stop their digital currency before January 10 (January 21).

In an email to these companies, the regulator wrote that businesses should carefully consider all relevant issues and, if possible, return any money or digital assets that fall within the scope of anti-money laundering laws.

This email says:

Any business currently operating in the field of digital assets and within the scope of the UK Anti-Money Laundering Act must have completed anti-money laundering and counter-terrorism financing processes by 9 January 2021 and be legally authorized by the UK Financial Strategy Authority. If you are one of the businesses in the UK that is currently still engaged in digital asset activities and fall into any of the above categories, you should stop these activities before 10 January 2021.

On 10 January 2020, the British Financial Strategy Authority began overseeing the implementation of anti-money laundering and anti-terrorist financing laws in digital currency companies, warning at the time that these companies should be up to date by next year ( January 10, 2021), be registered. Recently, the organization, after the temporary registration of 90 companies, has extended the deadline until July 9, 2021 (July 18, 1400).

The British Financial Strategy Authority said in an email that it expects digital currency companies to explain the terms to their customers and, in addition, offer them any alternatives that benefit customers. The watchdog wrote in its email:

You should use your company’s legal advice on how to do this. From 20 January 2021 onwards, any provision of digital currency-related services to individuals will be considered a crime and will be prosecuted by the UK Financial Strategy Reference Authority.

Earlier in the day, the organization issued a stern warning about the “enormous dangers” that threaten investors in digital currencies.


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