The UK financial regulator has warned all crypto businesses in the country that they only have till the end of this month to submit applications to acquire a crypto licence. The Financial Conduct Authority (FCA) said firms need to complete their applications by June 30, so the regulators can have the time to process applications ahead of the deadline. Crypto companies in the UK will not be permitted to operate after January 10, 2021, if they do not have the licence.
The UK is adopting guidelines proposed by FATF.
The United Kingdom is among other several countries that have started to enforce crypto regulations based on the guidelines proposed by the Financial Action Task Force. The Financial Action Task Force’s Travel Rule requires firms to spell out how they intend to meet their new obligations under anti-money laundering procedures. The proposed Travel Rule requires regulated parties to digital transactions to exchange identifying information about those transactions to prevent and detect money laundering using crypto. Many from the crypto community have criticized the proposed guidelines as they invade the privacy of crypto users.
Spain regulators enforce new anti-money laundering laws.
Financial regulators in Spain are reportedly set to approve new measures to modify its money laundering legislation to comply with the Europe Union’s Fifth Money Laundering Directive (AMLD 5). This anti-money laundering law has forced several crypto companies in European countries to shut down. Countries around the world are actively working to enforce crypto regulations based on the guidelines proposed by the Financial Action Task Force. The need for crypto regulation has emerged with the continuous adoption of crypto around the world. The Financial Action Task Force gave its 37 member countries 12 months to enforce the guidelines regarding the cryptocurrency regulations. Countries like Japan, South Korea and Singapore have already implemented part of the proposed guidelines including the Travel Ban.