UK extends temporary registration regime for a number of crypto firms

From 1 April 2022, the temporary registration regime for crypto firms will no longer apply in the UK. The FCA said the regulator would make an exception for a small number of firms whose applications had not been fully processed.

The UK introduced a temporary registration regime for crypto firms in December 2020. In June 2021, the programme was extended to 31 March 2022.

Companies that have not obtained permanent licences by 1 April will be forced to cease operations in the country. Otherwise the FCA will initiate criminal and civil enforcement actions against them.

“We have completed the assessment; on 1 April the temporary registration regime will close to all, except for a small number of firms that must continue to participate in the programme. Such cases include when a company has filed an appeal or has special circumstances for ceasing activity,” a FCA spokesperson said in an interview with Bloomberg.

As reported in March 2022, the FCA said it was conducting investigations, including criminal cases, into 50 crypto-industry companies.