UK Financial Conduct Authority about to release new crypto guidelines in September

Posted 15 August, 2019

The UK Financial Conduct Authority announces plans to develop the guidance for cryptocurrency companies which will be connected with EU Fifth Anti-Money Laundering Directive. 

The document is said to be released by September 2019, while the final edition of the guidelines and rules for commissions in the crypto segment is expected this December.

The market players discussed the information that crypto companies dealing with payments, storage and exchange will have to face two registrations beginning from early January 2020. In particular, the first license will involve the permission to deal with cryptocurrencies within the legal framework, while the second one will confirm that the company comply with new AML rules under 5AMLD.

A representative of one cryptocurrency stated that the authorities and crypto market players managed to achieve a way for optimal regulation in the industry.

For reference, 5AMLD was approved in the EU on July 9 2018. The rule prescribes that the national units of financial investigations must have access to the information that can help connect the address of virtual currencies and the owner's identity. 

Moreover, the national registers must disclose beneficiaries of the companies registered in the EU countries. At the same time, financial institutions are not permitted to open and service anonymous accounts and deposits.

All EU members are reportedly required to add the changes to their national rules by January 20 2020.

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