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In March 2022, the Financial Conduct Authority (FCA) declared that all cryptocurrency ATMs in the country were illegal, as none of the ATM's operators had successfully registered with the agency. The FCA cited a failure to comply with know your customer laws, as well as the high risk to customers, due to a lack of regulation and protection.
In August 2020, Archax announced becoming the first FCA-regulated digital securities exchange, broker and custodian in the UK. [citation needed] According to Bloomberg, Archax had asked the UK Financial Conduct Authority to regulate it. [11] [12] [13] In October, Archax closed its seed raise with a total funding of $8 million. [14] [15] [16] [17]
Buying a digital asset means that the crypto must be registered and approved by the SEC, which those in favor of regulation assert gives the buyer more transparency about the risks associated with it.
U.K’s FCA has tightened cryptocurrency regulation, with more companies withdrawing their license applications as they don’t meet the required AML standards.
The general notion of cryptocurrencies in Europe denotes the processes of legislative regulation, distribution, circulation, and storage of cryptocurrencies in Europe.In April 2023, the EU Parliament passed the Markets in Crypto Act (MiCA) unified legal framework for crypto-assets within the European Union.
The lower house of the parliament voted in favor of adding crypto assets to the scope of activities to be regulated via the proposed Financial Services and Markets Bill – which already seeks to ...
This included a draft regulation on Markets in Crypto-Assets (MiCA), which aimed to provide a comprehensive regulatory framework for digital assets in the EU. [ 132 ] [ 133 ] On 10 June 2021, the Basel Committee on Banking Supervision proposed that banks that held cryptocurrency assets must set aside capital to cover all potential losses.
There had been fears in the industry that crypto firms might be left in no man's land as the FCA deadline looked set to pass with many applications still waiting to be processed.