The UK's Financial Conduct Authority (FCA) has extended the number of firms that are obliged to report on financial crime. According to a statement, the FCA will require crypto-related businesses to submit the annual REP-CRIM financial crime report.
Thus, from now on all crypto companies based in the UK are supervised under the Money Laundering Regulations (MLRs).
"Reviewing our policy allows us to keep up to date with changes in legislation such as cryptoasset businesses now falling within the scope of the MLRs," the watchdog said.
The FCA's tightening of regulation comes despite the recent statement by UK Financial Services Minister John Glen who said that the country will initially focus on stablecoins regulation instead of the broad cryptocurrency market. Glen noted the authorities should first deal with digital currencies developed by centralized giants.
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