FCA highlights limited role as unregistered businesses continue to operate

cointelegraph.com:

The number of unregistered cryptocurrency-related businesses continues to outweigh those signed up with the United Kingdom’s Financial Conduct Authority. Crypto.com became the latest business from the cryptocurrency ecosystem to register with the FCA, joining a list of a confirmed 37 companies with the green light to offer services in the country.

Just seven businesses have gone through the registration process in 2022 to achieve Money Laundering Regulations approval, which includes eToro UK, DRW Global Markets LTD, Zodia Markets (UK) Limited, Uphold Europe Limited, Rubicon Digital UK Limited and Wintermute Trading LTD. Crypto.com is the seventh, registered under FORIS DAX UK Limited.

The FCA has also compiled a list of U.K.-based businesses that continue to carry out ‘crypto asset activity’ without being registered with the FCA for anti-money laundering (AML) purposes. The list is extensive, mainly featuring firms offering a variety of cryptocurrency trading and foreign exchange services.

New cryptocurrency-focused regulations were instituted in January 2020 to allow the FCA to supervise businesses operating in the space and enforce AML and counter-terrorism financing regulations (MLRs).

Companies were given just over a year to submit applications to be eligible for a temporary registration regime (TRR), while failure to do so and continue operating could be deemed a criminal offense.

Related: Enforcement and adoption: What do UK’s recent regulatory aims for crypto mean?

Cointelegraph reached out to the FCA to unpack its regulatory reach over the industry, the process of the temporary registration regime and the number of unregistered entities currently operating. The organization stressed that it does not oversee the