The Temporary Registration Regime is intended for existing cryptoasset businesses which have applied for registration before 16 December 2020, and whose applications are still being assessed. The regime is meant to enable those existing businesses to continue to trade after 9 January 2021 until 9 July 2021, pending the FCA’s determination of their application.
The UK regulator was not able to assess and register all firms that have applied for registration, due to the complexity and standard of the applications received, and the pandemic restricting the FCA’s ability to visit firms as planned.
Firms that failed to submit an application by 15 December 2020 will not qualify for the temporary registration regime. Those firms will need to return cryptoassets to customers and stop trading by 10 January 2021. Firms which do not stop trading by that date risk being subject to the FCA’s criminal and civil enforcement powers.
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