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Only 5 crypto firms in UK allowed to trade with temporary license

Firms related to cryptocurrencies are being tightened in many countries. The UK’s financial regulator, the Financial Conduct Authority (FCA), has allowed five crypto firms to continue trading with the provision of provisional registration. The FCA has updated the list of firms dealing with digital assets and these include those operating with provisional registration.

Firms that have been permitted to trade with a temporary license include, Copper Technologies and Globalblock. FCA had the registration period till last week but the applications of these five firms are pending. The FCA said late last month that it had extended the registration period for some crypto firms in order to meet its regulatory requirements. Firms that are out of the new list released by FCA cannot continue with business from the beginning of this month. However, at the same time, the FCA Told That being on the list does not mean that it has found these firms to be completely correct.

of Report As per FCA, 33 firms have been registered. An FCA spokesperson said, “We are reviewing applications from crypto-related firms to ensure that they meet the minimum criteria for running a firm and that they have the tools to detect and prevent crime. Suitable system.” Firms engaged in crypto activities in the UK are required to register with the FCA or have a provisional license. Last week the UK released guidelines defining the crypto segment.

Stablecoins are accepted as a means of payment in the UK. The UK government launched a consultation on cryptocurrencies and stablecoins last year. Its findings were announced at the Global Finance Summit by UK Economic Secretary John Glenn. There are also plans to launch a government-guaranteed non-fungible token (NFT) in the UK and boost the crypto segment. This will help make the UK a crypto hub in the next few years.

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