Following revelations that many UK cryptoasset companies have been left in limbo by the Financial Conduct Authority(FCA), the regulator has announced an interim measure to allow time to clear the backlog of application processing. Lee Hills, CEO of Blockchain regulation specialist SolutionsHub, looks at what this means for the companies involved\u2026The Temporary Registration Regime has been established for businesses that applied for registration before December 16, 2020, and grants them permission to trade until July 9, 2021, in the hope the backlog can be cleared by that date.The FCA cited the complexity of applications, the standard of applications, and the pandemic issues as the reason for the delay.The move will undoubtedly be welcomed warmly by applicants, providing a stay of execution for many businesses concerned that a lack of feedback was seemingly giving them no option but to close down operations on January 10, 2021.What about the unregistered or new businesses?It\u2019s bad news. In an unusual move that arguably stifles innovation, the FCA has confirmed: \u201cFirms that did not submit an application by December 15, 2020, will not be eligible for the temporary registration regime\u201d and \u201cThey will need to return cryptoassets to customers and stop trading by January 10, 2021. Firms that do not stop trading by that date are at risk of being subject to the FCA\u2019s criminal and civil enforcement powers\u201d.Therefore, any business that has either failed to meet the December 15, 2020, deadline, or any new business dealing in cryptoassets is now frozen out, forcing them to locate outside the UK.Are the registered businesses safe?Simply, no.The Temporary Registration Regime is a measure to allow the FCA more time to assess the existing applications \u2014 not a guarantee of acceptance.With limited, or no feedback for many businesses we have spoken with, there is a significant risk that\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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