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Home Cryptocurrency Britain Will Strengthen Control Over Crypto Companies

Britain Will Strengthen Control Over Crypto Companies

The British Financial Supervisory Authority (FCA) will examine local cryptocurrency companies for compliance with AML and CTF requirements. This is reported on the Regulator’s official website.

The FCA additionally published a list of requirements for cryptocurrency projects. Such firms must first identify and assess the risks associated with money laundering and terrorist financing (AML/CTF) and establish specific rules and take measures to address these risks. Such companies are obliged to tighten the requirements for a comprehensive examination of customers.

Before entering the cryptocurrency industry – British startups will have to register with the FCA. Firms that have started working with digital assets by 2020 in January, may continue their activities-however, they must immediately ensure compliance with the requirements of AML and CTF. Also, companies that work with electronic money and provide payment services are required to register until 1. January. 2021.

Such a decision entails an increase in fraud cases in the cryptocurrency industry.

According to the FCA, cryptocurrencies accounted for 81% of fraud cases.

At the same time, the British Tax Service does not recognize Bitcoin as a currency.

Lara Jensenhttps://hicryptonews.com/
Senior Content Writer at Hi Crypto News with a demonstrated history of working in the Crypto industry. My background comes from over 5 years of writing for cryptocurrencies and crypto exchanges.

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