UK Will Extend Temporary Registration Regime for Some Crypto Companies

Starting next month, the temporary registration regime for crypto companies will cease to operate in the UK. The FCA, the country’s financial regulator, has said it will make an exception for a “small number” of firms whose applications have not been fully processed.

In December 2020, the UK introduced a temporary registration regime for cryptocurrency companies. In June last year, the program was extended until March 31, 2022.

Companies that have not received permanent licenses by April 1 will be forced to curtail their activities in the country. The FCA will initiate “criminal and civil enforcement action” against companies that do not cease their operations by then. According to the announcement:

“We have completed the evaluation, on April 1, the temporary registration mode will be closed for all but a small number of firms that are strictly required to continue to participate in the program. Such cases include situations where the company is filing an appeal or has special circumstances to terminate operations.”