FINRA notice: crypto reports can be submitted till July 2020

Posted 22 July, 2019

The US financial market regulator – Financial Industry Regulatory Authority (FINRA) – decided to leave effective its requirement for cryptocurrency companies to submit a regular business report for one year.

It was initially stated that the deadline for the reports is July 31 2019, but last week the regulator extended the period for a year till July 2020.

The notice reads:

"FINRA appreciates members’ cooperation over the past year and is encouraging firms to continue keeping their Regulatory Coordinators abreast of their activities related to digital assets until July 31, 2020."

The authority pushed crypto broker-dealers and trading platforms for providing detailed reports about their activities in the industry. The subject players were expected to report whether they deal with the cryptos and how. Specifically, the regulator wanted to know about possible participation in token sales, crypto consulting offerings, mining activities or application of cryptocurrencies as payment means.

However, the companies can decide to their own whether to provide such report, since these measures are more likely FINRA's guideline rather than the requirement.

It should also be mentioned that FINRA reportedly slowed down the determination of broker-dealer applications filed by cryptocurrencies companies. According to the market information, the reason behind this situation was a secret moratorium of the regulators regarding approval of the applications from crypto-related companies. Along with this, there were rumours that FINRA could be guided by the US SEC and thus expected further instructions covering the status of cryptocurrencies in the US legal framework.

At the same time, FINRA and SEC made a statement in early July striving to clear the reasons behind these delays.

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