Businesses carrying out cryptoasset activity in the UK have this week been urged to register with the Financial Conduct Authority by the end of this month, or risk falling foul of new regulations in the sector.

As part of the watchdog's role as anti-money laundering and counter terrorist financing supervisor, the FCA will proactively supervise firms’ compliance with the new regulations, and has warned that it will take swift action where firms fall short of desired standards.

The 30th June deadline allows the FCA to review submitted applications and raise any follow-up questions with firms, with enough time for that process to be completed before their January deadline.

Firms authorised or registered under the Financial Services and Markets Act 2000, Electronic Money Regulations 2011 or Payment Services Regulations 2017 but undertaking cryptoasset activity subject to the MLRs will also be required to apply for registration.

The FCA became AML/CTF supervisor in January of this year.

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