We will be the anti-money laundering and counter terrorist financing (AML/CTF) supervisor for cryptoasset businesses, from 10 January 2020. This Consultation sets out our proposals for recovering the costs of this new role.
This paper falls outside our normal cycle of fees consultation as we want to ensure we can introduce fees when the gateway for applications opens from January 2020.
Any business which undertakes or expects to undertake the cryptoasset activities identified in the Treasury 2019 consultation paper.
The Treasury has announced, in the Economic Crime Plan (ECP), that the FCA will be the anti-money laundering and counter terrorist financing (AML/CTF) supervisor of UK cryptoassets businesses under the The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs).
Evidence of increased risks from growing use of cryptoassets for illicit activity, as well as risks to consumers and markets has resulted in the Government and financial regulators moving to minimize those risks.
The EU are addressing these through the Fifth Money Laundering Directive (5MLD). The UK are doing so through amendment to the MLRs.
Please consider our proposals and send us your comments on the questions in this CP by:
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