Cryptocurrency and Compliance
If your business is involved with cryptocurrency, it is subject to strict money laundering regulations. We work with you to understand how cryptocurrency works within your business model, before setting out a comprehensive compliancy plan.
With the support from our team, your business can handle cryptocurrency, with assurance that you remain compliant.
What Do You Need To Use Cryptocurrency?
Many crypto asset businesses are now required by Anti-Money Laundering (AML) to register with the FCA (Financial Conduct Authority) and to comply with AML regulations. These include providers of custodian wallets and cryptocurrency exchange providers: in other words, much of the consumer-facing cryptocurrency business.
Specifically, businesses offering these services must register with the FCA:
- Exchange of cryptocurrencies for each other
- Exchange of fiat currency for cryptocurrency
- Providing digital wallets in which customers can store cryptocurrency
- Supporting peer-to-peer cryptocurrency exchange
- Operating cryptocurrency ATMs
- Initiating or otherwise participating in initial coin offering
- The FCA is primarily concerned with ensuring that cryptocurrency proceeds do not finance terrorism or contribute to money-laundering efforts. Registration demonstrates that companies understand these priorities and have taken meaningful steps to avoid contributing to terrorist or other criminal activities.
How We Can Help
We can work with your team to help prepare your documentation, assemble your application and deliver it to the FCA
We review your completed application to ensure it offers your company the best chance of approval
Support your business in documenting or updating your policies, processed, control mechanisms and internal system to ensure they abide by the FCA regulations
Our training and ongoing support will ensure your compliance is maintained
Not sure what you need?
Get in touch today
Frequently Asked Questions
From the first meeting with our consultants to a final decision by the FCA, the application process can take up to six months. Much of this time will be taken up by the FCA’s review of your application, which includes a thorough review of your business plan to confirm that your business model is fit to operate in good standing as a member of the UK’s financial services industry.
Our team offers a complete review of your documentation and can help you secure any documentation that you will need.
That’s fine! Our team takes the time to understand your business needs and set out a plan with the services you require.
Our Other Financial Sectors
Businesses wishing to offer credit to customers will need authorisation from the FCA (Financial Conduct Authority) before they can offer finance.
Our team provides a complete service to help you get authorised by the FCA and ensures each area of your business, from documentation to processes, is fully compliant.
Whether you are a large company, or a small start-up, it can be tough to keep up with the ever-changing landscape of payment services and what businesses need to do to stay compliant.
Regardless of the payment service(s) that your business provides, we help you understand your obligations and apply for authorisations quickly, confidently and successfully.