UK Crypto License Update
The Financial Conduct Authority (FCA), responsible for cryptocurrency regulation in the UK, has closed its TRR program. The TRR, or Temporary Registration Regime, was a scheme that allowed digital asset firms to get an interim UK crypto license.
Through it, the firms could start their operations in the country while they wait for complete registration.
However, now the FCA has ended the temporary licensing program for the companies. This step was taken after the digital banking platform Revolut acquired FCA registration. The company was the last among five waiting for the regulators' approval. As it secured the authorisation, regulators shut down the program.
UK crypto license TRR initiative
The British regulators took the initiative of interim authorisation in 2020. At that time, it was for the virtual asset firms already providing their services in the country. More than 100 cryptocurrency-related firms entered this scheme to acquire the regulatory body's approval. However, it only deemed 38 among them to be following the regulations.
The program would have been shut down earlier as the British regulatory body announced March 31 as the deadline for complete approval. However, a few companies, including Revolut, got an extension to secure the approval.
Five digital asset firms were still working in the country in early April without complete authorisation. Besides Revolut, CEX.io, GlobalBlock, Copper.co, and Moneybrain were the remaining companies. All these four companies were denied authorisation or withdrew themselves by the end of June.
On the other hand, Revolut remained the last company on the list. It secured registration in September, marking the TRR program’s end for a license.
British regulators are known for their absolute measures for anti-money laundering regulations. That’s why cryptocurrency firms do not get registered easily in the country. With the closing of TRR licensing, they have ensured that non-registered companies do not operate in the country.
Author: Wasay Ali
Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.