Login to your account

Username *
Password *
Remember Me

Create an account

Fields marked with an asterisk (*) are required.
Name *
Username *
Password *
Verify password *
Email *
Verify email *
Captcha *
Reload Captcha

Crypto Prices

UK’s Cryptocurrency Market Registration Deadline Ends

Written by  Jun 30, 2020

The UK Finance Conduct Authority researched the country’s cryptocurrency market to understand the people’s attitude towards digital assets.

Curiously enough is that they do it right before the registration deadline set for companies dealing with cryptocurrency.

According to the report published on 30th June, the interest in digital currencies from British citizens is growing. Thus, the number of those who dealt with them in one way or another amounts to 2,6 million people, which is 1,1 million more than last year. Such a significant increase proves the development of the cryptocurrency market in the country.

The report also states that 2,681 are aware of the lack of regulations and the risks they take while dealing with cryptoassets, while the other 300,000 are exposed to financial harm as they think they have protection from the government. Thus, the latter fact proves the necessity of regulations and reasonability of the imposed registration procedures.

The deadline has expired

The 30th June was also the last day for submitting registration applications by businesses dealing with cryptocurrency.

Last week, the FCA published a notice to remind that all firms having started their operation within the UK prior to 1st January 2020, have to register within the regulator to continue their operation after 1st January 2021.

Such a deadline was set in order to ensure that all applications are reviewed and approved by 1st January 2021. As the process is quite complicated and requires a lot of information submitted, the review might take time. Besides, businesses might need to improve their applications due to potential mistakes made during the first submission, which also take time.

Nevertheless, it doesn’t mean the companies won’t be able to submit applications after this date. However, late submission might cause a delay, resulting in the application not being reviewed on time, forcing a company to cease its operation within the UK.

Advertisement

Too trustful of advertising

Another fact revealed by the FCA research showed that most cryptocurrency users came to the market by advertising, which denotes a high level of trust to advertising in general.

Considering the surge in various scam projects luring people to trick them out of their money, this might also prove the need for regulations in order to protect people.

Generally, FCA makes their best efforts to raise people’s awareness of various scam projects and teach them to tell legitimate companies from fraudsters. They have also published guidelines and tips aimed at teaching people how to protect themselves and not to lose their money.

The registration requirements would allow the FCA to strengthen the control over the cryptocurrency industry and ensure only legitimate businesses enter the British market.

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

Do you find this article useful? Comment below or follow us on Facebook or Twitter.

Peter Flynn

Senior Editor and self confessed Crypto addict, bringing a variety of Crypto tech news, help and advice in the UK. I have worked in various fields throughout my career such as a Systems Administrator, Cyber Security Consultant and other technical related roles, these days I concentrate on Cryptocurrency journalism and technical writing.

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

Follow Us

Advertisement
sme logo

Popular in News

May 22, 2020

Can I create my own cryptocurrency? Yes

If you want to create your own cryptocurrency but you don’t have much experience in coding, you might be wondering if ...

May 08, 2020

Crypto Wallet options

A cryptocurrency wallet is actually a program that stores private and public keys and it links to the blockchain in orde...

Apr 29, 2020

Brits are the most sceptical about Cryptos future in Europe

Confidence that cryptocurrencies will still exist in 2030 is slightly increasing in Europe but not in the UK. ...

May 15, 2020

Bitcoin and Ethereum recent transaction fee increases

Bitcoin and Ethereum (ETH) fees are going up.

Apr 24, 2020

Cryptocurrency Myths: Investing is safer than you might think

In the beginning cryptocurrency had a bad reputation because of links to black market trading, nowadays purchases are fa...

Apr 06, 2020

Reasons why Crypto Traders fail

Anyone who is about to start crypto trading will usually be a little apprehensive, or they are full of enthusiasm; nothi...

Jun 25, 2020

Kraken announced $150k grant to BTCPay Server

The Bitcoin community has another significant grant to support open-source development.

May 19, 2020

Are VPNs for Crypto transactions necessary?

Virtual currencies are no longer a fad. They are used all over the world and traded on Forex. Aside from the profit-maki...

Apr 15, 2020

How can you spend Cryptocurrency?

I know that most of you have already heard about crypto but there are still some people who have some blind spots about ...

May 18, 2020

Cryptocurrency hardware wallets are not full-proof

"The fact is that there’s no way to prevent a highly sophisticated attacker with physical possession of the device, an...

Jun 17, 2020

Spanish Crypto Users Report Banking Freezes After Using Exchanges: Report

Banks in Spain are reportedly closing accounts they suspect belong to cryptocurrency traders, especially users of the Lo...

Mar 31, 2020

Online privacy is a thing of the past say Brits: Protect your Crypto

The following stats make you aware that keeping your crypto account details safe is more important than ever. ...