As of today (Friday), international know your customer (KYC) and anti money-laundering (AML) standards have been adopted for cryptoassets.
The FCA is now the AML and counter terrorist financing (CTF) supervisor of the cryptoassets business.
This is according to the newly amended Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
Cryptoasset activities have been identified at a global level to pose money laundering and terrorist financing risks.
What does this mean?
This will enable regulators in the UK and abroad to ensure a safe and secure financial system – it’s been necessary to update regulation with the advent of new cryptocurrencies which are by their nature deregulated.