Crypto firms in the U.K. scramble for options as the deadline to receive permission from TheFCA looms. By JamieCrawleyCD
Firms that are regulated in other jurisdictions have the option of pivoting their operations elsewhere to continue doing business. Earlier this week, crypto payments provider WirexNot all have this option, however.
“They’re screwed, I think, unless they can spin up a new entity in an unregulated area, which they might do,” the CEO of one of the firms preparing to use an overseas jurisdiction, who also requested anonymity. “I know that some of these firms have been either in the process of IPO prep or serious funding talks and then those conversations have materially collapsed as a result of the FCA’s approach here, which is not meritocratic and is super subjective.
to overturn the FCA’s rejection of its application. The case was dismissed with the judge determining that there was a"lack of evidence as to how Gidiplus would undertake its business in a broadly compliant fashion." The legal route is likely to end any hope of a rapprochement in the future should the FCA or the Treasury change their stance. Anyone taking this course is also likely to need deep pockets., said it’s working to meet its legal responsibilities.
“We are continuing our work registering crypto firms to ensure they are not a conduit for money laundering and recently launched a consultation on how crypto is marketed to consumers,” the regulator said. “We will continue to work with HM Treasury, who set the scope of crypto regulation in the U.K.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK's FCA Extends Temporary Registration Deadline for Select Crypto FirmsU.K. regulator TheFCA will extend its registration deadline for select crypto firms 'where strictly necessary.' By JamieCrawleyCD
Read more »
UK financial watchdog extends registration deadline for some crypto firmsThe United Kingdom’s financial regulator said “a small number of firms” in the crypto space will continue to have temporary registration status in the U.K. “where it is strictly necessary.”
Read more »
Ukraine crypto donations surpass $100 million as Russia-Ukraine negotiations in Turkey beginUkraine continues to receive a substantial influx of cryptocurrency contributions, with the value now reaching over $100 million, as more... Continue reading
Read more »
Institutional crypto funds see largest capital inflows for 3 monthsThe data from CoinShares shows a weekly inflow of $193 million, with more than half of that figure going to Bitcoin alone. Solana is also getting attention and broke a record in the process.
Read more »
El Salvador's Crypto Ambitions Overshadowed By Gang Violence as 62 Murders Reported in 24 Hours | CoinMarketCapEl Salvador's crypto ambitions have been overshadowed by a spike in gang violence. At least 62 murders were reported on Saturday — the most violent 24-hour period in the country for 30 years. President Nayib Bukele has declared a state of emergency:
Read more »