🚀 UK Treasury Proposes Stricter Regulations for Cryptocurrency Firms
#UK #Treasury #cryptocurrency #cryptofirms #AML #KYC #CTF #digitalidentity #identityverification #FCA #fitandproper #changesincontrol #notificationthreshold #FSMA #trustregistration #correspondentbanking #eurosToPounds #parliament2026 #September30deadline
According to PANews, the UK Treasury has released a draft proposal for revising current anti-money laundering regulations, aiming to address evolving risks and tighten requirements for cryptocurrency businesses. The proposal seeks to establish a more risk-oriented and proportionate system to combat financial crime, while ensuring practicality for the industry. The government also plans to enhance industry guidance on anti-money laundering and counter-terrorism financing compliance, and issue separate guidance on using digital identity verification for these purposes.
The new draft introduces several changes for cryptocurrency firms. The UK Financial Conduct Authority will implement a broader 'fit and proper' test for company controllers, replacing the current beneficial owner test to ensure regulation covers complex ownership structures. Other provisions will lower the notification threshold for changes in control from 25% to 10%, aligning with the Financial Services and Markets Act (FSMA) framework. This means any party acquiring 10% or more equity or exerting significant influence must notify the UK Financial Conduct Authority. Additionally, the draft includes revisions on customer due diligence, trust registration, and restrictions on correspondent banking, along with technical updates such as converting threshold amounts from euros to pounds.
The UK Treasury is seeking feedback on the draft proposal, with a deadline of September 30. The finalized regulations are expected to be submitted to Parliament for review in early 2026.#UK #Treasury #cryptocurrency #cryptofirms #AML #KYC #CTF #digitalidentity #identityverification #FCA #fitandproper #changesincontrol #notificationthreshold #FSMA #trustregistration #correspondentbanking #eurosToPounds #parliament2026 #September30deadline
🚀 UK Sets Timeline for New Cryptocurrency Licensing Regime
#UK #cryptocurrency #FCA #licensing #cryptoassets #CASP #FinancialServices #FSMA #transitionalprovisions #financialpromotions #regulations #crypto #applicationwindow #marketlaunch
According to PANews, the UK Financial Conduct Authority (FCA) has outlined a timeline for the implementation of a new cryptocurrency licensing regime. Starting this fall, crypto asset service providers (CASPs) can apply to enter the UK market, with the application period expected to commence in September 2026. The FCA will confirm the exact timeline in due course, and a limited application window will be available before the new system takes effect on October 25, 2027.
Under the plan, companies offering regulated crypto asset services in the UK, including those currently registered under anti-money laundering regulations and payment-related frameworks, will need authorization under the Financial Services and Markets Act (FSMA). Firms already authorized by the FCA for other regulated activities must amend their existing permissions before the new regime is implemented. Crypto companies relying on other authorized firms to approve financial promotions will need direct FCA authorization to market their products in the UK.
The FCA requires crypto asset service companies to apply within a fixed window, lasting at least 28 days and ending no later than 28 days before the new regime begins. Applications submitted during this period are expected to be decided before the new system is in place. The legislative draft includes 'transitional provisions,' allowing companies to continue operations during the application assessment period. Companies that miss the application window or are not authorized by the time the new regime starts can operate existing products under transitional rules but are restricted from launching new products. Late applicants can still apply, but the FCA warns that the evaluation process may take longer.#UK #cryptocurrency #FCA #licensing #cryptoassets #CASP #FinancialServices #FSMA #transitionalprovisions #financialpromotions #regulations #crypto #applicationwindow #marketlaunch
🚀 Ripple Secures UK Regulatory Approval Amid New Licensing Requirements
#Ripple #UKRegulatoryApproval #FCA #ElectronicMoneyInstitution #MLR #PaymentServices #Stablecoin #RippleUSD #CryptoLicensing #FSMA #MonicaLong #IPO #RippleMarketsUK #CryptoRegulations #XRP
According to Cointelegraph, Ripple has expanded its regulatory presence in the United Kingdom by obtaining authorization from the Financial Conduct Authority (FCA). Ripple's UK subsidiary, Ripple Markets UK, has been granted an Electronic Money Institution (EMI) registration and is now registered under the UK's Money Laundering Regulations (MLRs), as per official records. This EMI license enables Ripple to offer payment services and issue electronic money, potentially influencing its stablecoin, Ripple USD (RLUSD).
The FCA's approval coincides with the establishment of a timeline for a new crypto licensing regime, mandating MLR-registered firms to seek full authorization under the Financial Services and Markets Act (FSMA) by October 2027. Despite the EMI registration, Ripple Markets UK faces certain restrictions and requires further FCA approval. The company is prohibited from providing services involving crypto ATMs, offering services to retail clients, or appointing agents or distributors without prior written consent from the authority. Additionally, Ripple is restricted from issuing electronic money or providing payment services to consumers, micro-enterprises, or charities.
This development follows comments from Ripple Labs president Monica Long, who stated that the company does not intend to pursue an initial public offering (IPO) in the near future. Long reiterated the company's decision to remain private, echoing her remarks from November after a fundraising round that valued Ripple at $40 billion. Cointelegraph reached out to Ripple for comments on the FCA's approval but had not received a response at the time of publication.#Ripple #UKRegulatoryApproval #FCA #ElectronicMoneyInstitution #MLR #PaymentServices #Stablecoin #RippleUSD #CryptoLicensing #FSMA #MonicaLong #IPO #RippleMarketsUK #CryptoRegulations #XRP