The UK Financial authorities announced the expansion of the Temporary Registrations Regime for businesses involved in the sphere of digital assets to 31 Mar. 2022.
The TRR was established last year to allow financial companies from the crypto segment, which applied for certification before 16 Dec. 2020, and whose applications were not processed, to continue operating.
The UK watchdog discovered that a large number of firms are not meeting the requirements mentioned in the anti-money laundering rules. The FCA reported that this has led to an unprecedented number of firms withdrawing their applications.
The new extended date gives those firms to carry on with their business operations while the regulator proceeds with its assessment.