The Financial Conduct Authority (FCA), the UK’s top financial regulator, has given a nod to five crypto companies to operate in the UK by issuing temporary licenses. The registration deadline was last week’s Friday, but the following five companies’ applications are still pending.
Five Companies Issued with Temporary License, Allowed to Operate in the UK
The FCA’s authority updated its list of crypto firms with temporary licenses to operate in the UK. The list highlights five companies, which include:
- Copper Technologies (UK) Ltd.
- MoneyBrain Ltd.
- Revolt Ltd.
- GlobalBlock Ltd.
- Cex.io Ltd.
By the close of March 2022, FCA indicated that the time to apply for licenses had been extended so that companies could meet all pre-drawn requirements. When the rules extension was announced, there were 12 companies on the temporary registration list.
The spokesperson for the FCA commented that the regulator had registered 33 companies in total. He further indicated that they were checking if the firms created ample systems to identify and prevent money laundering.
Last week, the UK government revealed its plan to transform the country into a global cryptocurrency hub and a reliable place for crypto assets. In line with this plan, the government has moved to regulate stablecoins, and Rishi Sunak, the chancellor to the exchequer, is working on creating a non-fungible token (NFT) through the Royal Mint.
Sunak added that his objective is to see the UK transform into a major hub for crypto-asset technology. He added that they have installed measures to ensure companies can invest, innovate, and scale.
- Suggested Reading: UK Reveals an Inclusive Plan to Make it a Global Crypto Hub