Cryptoasset businesses and anti money laundering rules

Risks around cryptoasset investments are the focus for the Financial Conduct Authority, but accountants need to be aware of abuse of anti money laundering (AML) rules, warns Peter Dodge, barrister at Radcliffe Chambers

On 3 June, the Financial Conduct Authority (FCA) announced an extension from 9 July 2021 to 31 March 2022 to the end date of its temporary registrations regime (TRR) for cryptoasset businesses. This extended end date allows cryptoasset firms to continue trading while the FCA carries out its assessments of their businesses. At first sight, this might seem helpful to those operating in the sector. However, the FCA announcement came with a sting in the tail.

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