There is a significant backlog of cryptoasset companies waiting for Financial Conduct Authority (FCA) registration in the UK, some of which have been waiting for months, according to reports.Apparently, only a small number have been registered so far \u2014 and the clock is ticking. According to the FCA, if they are not registered by January 10th, they will be forced to cease operations.EU member countries (plus post-Brexit UK) have until January to bring their domestic laws into full compliance with the 5th Money Laundering Directive (5MLD).Before that date, each participant country should have updated its legislation, given the need to fully comply with 5MLD by January 10, 2020. There are, however, countries that have not completed this process.The FCA has its own guidance on how to comply with this directive. There is the directive, the law itself, and then the FCA guidance. The FCA website states that entities submitting an application need to follow their guidance and not only the 5MLD.5MLD brings cryptoasset companies under the requirements of the ML Directives meaning they have obligations regarding due diligence when onboarding customers, the filing of SARs and ensuring senior staff are fit and proper. However, if the FCA is struggling to process the number of applicant companies by the deadline these companies must lack confidence that their operations will remain legal. A Plan B is required to give these companies the certainty they require.So it seems there could be some sleepless nights ahead over the Christmas period for the owners of more than 150 companies who do not know if they will be FCA registered and 5MLD compliant in time.Feeling like they are \u201cleft in limbo\u201d by UK regulators, they do not have to look far for a potential solution.The Isle of Man is renowned for its welcoming approach to blockchain-based\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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