Financial Conduct Authority of UK Approves Operation of Five Crypto Firms

The leading financial regulator of Britain, the Financial Conduct Authority has allowed five cryptocurrency firms to continue operations within the country with the provision of temporary registrations. Financial Regulators Approve Temporarily Registered Crypto Firms On Thursday, United Kingdom’s Financial Conduct Authority updated the digital asset firms list which included firms that have been functioning with provisional registrations. The following five firms are Cex.io Ltd., Copper Technologies (UK) Ltd., Globalblock Ltd., Revolut Ltd., and Moneybrain Ltd. In the month of March, the financial regulator announced an extension to the deadline for crypto firms to submit registrations for the regulatory requirements. At the time of the announcement, there were a total of twelve firms had been added to the list. A spokesperson of the FCA stated, “We’ve been reviewing crypto-asset firms’ applications to ensure they meet the minimum standard of running a firm that is fit, proper, and has adequate systems to identify and prevent crime.” The spokesperson described crimes as that of money-laundering, fraudulent behaviors, and scams. U.K Government Announces Pro-Crypto Strategies Earlier this month, the government officials of the United Kingdom disclosed strategies to make the country a global hub. Quoting the officials, the announcement stated, “a hospitable place for crypto.” The U.K. authorities have decided to regulate stableco...