In September, FCA will present new recommendations for cryptocurrency companies

In September, FCA will present new recommendations for cryptocurrency companies

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By September 2019, the British Financial Supervisory Authority (FCA) intends to prepare recommendations for cryptocurrency companies regarding the fifth EU Directive on the Prevention of Money Laundering and Terrorist Financing (5AMLD) regarding virtual assets. This was announced at a meeting of the regulator with representatives of the crypto industry.

The final version of the FCA’s oversight recommendations and a collection of rules for determining fees will be published in December 2019.

It is expected that after January 10, 2020, crypto companies working in the field of payments, storage and exchange of cryptocurrencies will have to undergo two registration procedures – to be able to work with cryptocurrencies in the legal field and to confirm compliance with the new anti-money laundering rules contained in fifth directive.

According to representatives of the operator of the cryptocurrency exchange Bitlish, in a close dialogue between the authorities and industry organizations, “we managed to find the way to the optimal regulatory regime for the new cryptocurrency sphere.”

Recall, the fifth EU anti-money laundering directive entered into force on July 9, 2018. According to it, national financial investigation authorities should be able to obtain information that allows you to link the addresses of the virtual currency with the identity of the owner.

In addition, the directive obliges national registries to disclose beneficiaries of companies registered in EU member states, and prohibits financial institutions from opening and maintaining anonymous accounts and depositories.

EU member states are required to implement the amended rules in their national laws no later than January 20, 2020.

Recall that in July, Bitlish experts were involved in plenary discussions on the application of AML requirements for digital assets.

In September, FCA will present new recommendations for cryptocurrency companies

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