UK crypto license? Registration with the FCA for carrying on cryptoasset activity

[carlosbl]

Hi to all,

Last year, the UK financial regulator (the Financial Conduct Authority, or the ”˜FCA' for short), introduced a requirement for all crypto businesses in the UK to register with the FCA to confirm that they comply with the UK's money laundering regulations.

The FCA set a deadline of 10 January 2021 for all UK crypto businesses to be registered or they would need to stop offering crypto services.

Cryptoassets: AML/CTF regime: Register with the FCA

Do you have any experience with this topic? How much does it cost and how long does it take to get the registration?

With this registration, can a crypto exchange be conducted in the UK?

Thanks in advance.

 

[CaptK]

Cost approximately 80K and waiting time is 9-15 months currently.

 

[CyprusLaw]

Correct me if I am wrong but according to the FCA it takes about 3 months, and the registration costs are as follows:

• £2,000 ”“ for businesses with UK cryptoasset income up to £250,000
• £10,000 - for businesses with UK cryptoasset income greater than £250,000

 

[CaptK]

Yes, but try and apply and see how you are knocked back.
You need a proper firm who know what they are doing not these online forms that outsource the work to a 3rd party. Ideally someone ex FCA always helps 😉