The U.K. Travel Rule came into force on September 1, requiring digital asset businesses operating in the country to collect, verify, and share information about digital asset transfers.
The U.K.’s FCA revealed that since January 10, 2020, 291 digital asset firms have applied for registration under the 5th Anti-Money Laundering Directive (5MLD), but only 38 firms were approved.
The U.K. Treasury’s response to a consultation updates proposals for a regulatory regime for systemic stablecoins, which would be supervised by the Bank of England and the Financial Conduct Authority.
Financial services platform Robinhood's new CEO, Jordan Sinclair, plans to offer brokerage services to residents in the country and seeks talent for its U.K. arm.
After two successful pilots, U.K.'s digital sandbox will soon become a permanent fixture of the market-facing tools available for firms in the country.
The Financial Conduct Authority has received the nod from Parliament to regulate digital currency promotions following the approval of the Financial Services and Markets Act.
The FCA disclosed that the incoming rules would focus on the social media promotion of digital and other financial assets, keeping an eye on using memes on social media platforms.
Proposals to integrate digital assets into U.K. financial regulation were briefly plunged into doubt by the Treasury Select Committee in May when it recommended that digital assets be regulated as gambling.
Steve Smart, FCA's executive director of enforcement and market oversight, noted that users' funds in digital currency ATMs "will not be protected if something goes wrong."
The financial regulator argues that its AML/CFT laws on "crypto assets" would help bring extra credibility to the U.K., a statement slammed by lobbyists calling for an overhaul of the new process.
VASPs in the U.K. have until October 8 to comply with the new rules laid out by the FCA, which revolve around unifying digital asset advertisements.
The Financial Conduct Authority wrote to unregistered firms marketing digital assets to U.K. customers, warning them to comply with the incoming financial promotions regime.
