FCA Given Official Oversight Of Financial Cryptoassets

Law360, London (January 10, 2020, 3:18 PM GMT) -- A strict new regulatory regime for U.K. businesses that handle cryptoassets came into force on Friday, with the Financial Conduct Authority taking responsibility for ensuring they comply with anti-money laundering and counter-terrorist financing policies.

Friday marks the deadline for the European Union’s member states to transpose requirements under the Fifth Anti-Money Laundering Directive.

Cryptocurrencies and online wallets will be held to the same standards as other parts of the financial ecosystem under the directive to ensure that digital currencies cannot be used to obscure a trail of money. The move is an attempt to tackle Europe’s money laundering problem.

The U.K. has made...

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