United Kingdom

FCA REGISTRATION (UK)

  According to provisions made under the Financial Services and Markets Act (FSMA) 2000, financial activities have to be regulated by the Financial Conduct Authority (FCA). Any firm (whether a business, a not-for-profit or a sole trader) carrying out a regulated activity must be authorized or registered by the FCA, unless they are exempt. Banks, credit unions and insurance companies are regulated by the FCA and the Bank of England’s Prudential Regulation Authority (PRA). Steps : Step 1: Application for Authorisation  Step 2: Payment of necessary fees Step 3: Assignment of Case Officer Step 4: Consideration of Firms to comply with the Regulatory system Step 5: Assessment of Application   Application for Authorisation : We have to submit the application (or, if you’re dual-regulate...Read More

CRYPTOCURRENCY REGULATIONS IN UK

    INTRODUCTION Cryptoassets is a comprehensive term and covers many different types of products. The most popular forms of crypto assets include tokens like ‘Bitcoin’ and ‘Litecoin’. We call these ‘exchange tokens’ but they are sometimes referred to as ‘cryptocurrencies’, ‘cryptocoins’, or ‘payment tokens’. Exchange tokens use a distributed ledger technology (DLT) platform and are not issued or backed by a central bank or other central authority so are not considered to be a currency or money.   Regulation of crypto assets   Exchange tokens (such as Bitcoin and ‘cryptocurrency’ equivalents) are not currently regulated in the UK. This means that the transfer, purchase, and sale of exchange tokens, including the operation of exchange token exchanges, all currently fall ...Read More

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