Clifford Chance

The FCA recently noted that many cryptoasset business applicants are not meeting the standards required under the UK money laundering regime.

For previously unregulated firms or start-ups this could be an unfamiliar assessment, so those classed as cryptoasset exchange providers or custodian wallet providers under the Money Laundering Regulations need to seek trusted advisors who are well versed in assisting applicants with meeting the required FCA fit and proper standards. These standards are similarly challenging for existing cryptoasset businesses, who now have an extended end date for application under the Temporary Registration Regime of 31 March 2022.