The UK’s financial services regulator, the Financial Conduct Authority (FCA) has today announced that it will require crypto firms operating in the UK to submit REP-CRIM annual financial crime reports.
The regulator published a policy statement detailing its new policy. The FCA’s decision follows a ban on crypto derivatives for retail investors, which came into force earlier this year.
We have published our policy statement, which will see #crypto asset businesses added to the types of firms required to submit the annual financial crime report. https://t.co/sbk62IH2N5
— Financial Conduct Authority (@TheFCA) March 31, 2021
“This policy statement proposes that additional firms and cryptoasset businesses should be brought into scope of the return based on their business activities and the potential money laundering risks,” the FCA said.
This is a developing story. Check back for updates.