FCA(UK) - cryptoasset activity in the UK

ajochems

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Quote from: Mbitr on March 16, 2022, 01:09:49 PM

There is definitely a double edged sword issue with regulation . On the one side is helps to stop scams , but on the other there will most certainly be KYC/AML involved.
Wherever and whenever there are regulators then there is most certainly a cost involved too. I’ve had a good look at this regulation and can’t quite find the cost of the process and also the length of time it takes? Anyone had any experience with the process?

It was true fact mate.At the last our hand will have some blood injury with this double sided knife. Stop of scam will not affected us. Applying for the kyc will became a mandatory one. One the kyc was verified, it will monitor our crypto flow on the wallet. It will further calculated the fee or tax need to pay for the crypto transaction.In some developing country like India, they asking to pay 30 percentage as tax for crypto investments.

Mbitr

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There is definitely a double edged sword issue with regulation . On the one side is helps to stop scams , but on the other there will most certainly be KYC/AML involved.
Wherever and whenever there are regulators then there is most certainly a cost involved too. I’ve had a good look at this regulation and can’t quite find the cost of the process and also the length of time it takes? Anyone had any experience with the process?

hugeblack

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Quote from: Mbitr on March 14, 2022, 05:33:53 AM

Following on from this thread started by @OmegaStarScream re- “Bitcoin ATMs forced to shutdown in the UK”

Tracking scam companies that set up ATMs will be easier than online crypto exchanges and services, as the first one will need money to buy these devices, rent the place, and so on. At some point, a person may be able to track those companies and get his money back.

Personally, I see that any company that converts from cryptocurrency to fiat money will require identity verification, and therefore it must have a license and operate according to certain frameworks, otherwise it is a scam.

As for the platforms that transfer from one cryptocurrency to another, you can use the trusted ones, which are definitely not based in the United States, the United Kingdom and other countries if you do not want to verify the identity.

SFR10

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Quote from: Mbitr on March 14, 2022, 05:33:53 AM

It seems the FCA are clamping down on all……… “UK businesses that appear to be carrying on cryptoasset activity that are not registered with the FCA for anti-money laundering purposes.”

It looks like they've been doing it for the "past year or two", but I'm wondering why it took them this long to act against BTMs ^{[it's strange]}?

Quote from: Mbitr on March 14, 2022, 05:33:53 AM

Here is a full list of all ….”UK businesses that appear to be carrying on cryptoasset activity that are not registered with the FCA for anti-money laundering purposes.”
https://register.fca.org.uk/s/search?predefined=U

I believe you meant to copy/paste "this" one instead

Quote from: Mbitr on March 14, 2022, 05:33:53 AM

Personally I would advise anyone who has had dealings with any of these companies to get in touch with them asap, especially if they are holding any crypto and/or FIAT of yours. These companies may just disappear into the ether.

I checked some of them at random and from the ones that are still active, almost all of them seem to be fake/scam websites!

Mbitr

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Following on from this thread started by @OmegaStarScream re- “Bitcoin ATMs forced to shutdown in the UK”

https://bitcointalk.org/index.php?topic=5389248.20

I started looking at the FCA (UK) website to see what rules and regulations arre applicable. It seems the FCA are clamping down on all……… “UK businesses that appear to be carrying on cryptoasset activity that are not registered with the FCA for anti-money laundering purposes.”
https://register.fca.org.uk/s/search?predefined=U

Here is a full list of all ….”UK businesses that appear to be carrying on cryptoasset activity that are not registered with the FCA for anti-money laundering purposes.”
https://register.fca.org.uk/s/search?predefined=U

Personally I would advise anyone who has had dealings with any of these companies to get in touch with them asap, especially if they are holding any crypto and/or FIAT of yours. These companies may just disappear into the ether.

Here is a flow chart for any business that is thinking of setting up a crypto associated company in the U.K.
it will help you ascertain if you need to register with the FCA.
https://www.fca.org.uk/publication/documents/cryptoasset-registration-flowchart.pdf

I think the FCA appears to have got wise to a lot of companies and projects out there and will be keeping a very watchful eye out in the crypto space .

Topic: FCA(UK) - cryptoasset activity in the UK (Read 226 times)