Crypto exchange Blockchain.com has become the latest company to confirm it will favour European regulation instead of pressing on with its application to the Financial Conduct Authority’s (FCA) cryptoasset licensing process.
The official, twice-revised deadline by which firms must either cease trading or get approved as part of the FCA’s anti-money laundering regime falls on March 31, later this week. Being part of the temporary register has allowed Blockchain.com to carry on in the UK while awaiting a final decision from the watchdog.
The company has now decided to withdraw its UK application and register its business in Lithuania, the US and Ireland, a person familiar with the matter told The Block. It is also seeking regulatory approval in Germany. It had originally made these moves due to the regulatory uncertainties surrounding Brexit, the person said.
Blockchain.com informed its UK customers via its app earlier this month that they would be served by a new legal entity, Blockchain (LT) UAB, but that it would be business as usual other than that. Веб-страницата на компанијата also laid out the new legal arrangement.
Blockchain.com serves millions of customers from the UK and employs around 100 people in its London office.
Decision time for firms
Blockchain.com is not the first big player to withdraw from the temporary register ahead of the formal deadline. On March 11, The Block revealed that crypto market maker B2C2 had withdrawn from the list and plans to shift its spot trading operations to a US entity.
Wallet firm Wirex has also chosen to move to an overseas base in Croatia named Wirex Digital, which is registered with HANFA, the local regulator.
Неколку големи играчи на крипто-пазарот - вклучително и необанката Revolut и Copper, чуварот - сè уште се наведени во привремениот регистар, во очекување на конечна одлука.
Како што беше цитирано во претходните извештаи на The Block, лице запознаено со ова прашање рече дека Revolut очекува да продолжи да продава крипто услуги и по крајниот рок на 31 март. Во меѓувреме, Copper неодамна формираше ентитет во крипто-пријателска Швајцарија, кој може да понуди резервна опција доколку неговата апликација не успее.
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Source: https://www.theblockcrypto.com/post/139679/blockchain-com-becomes-latest-firm-to-retreat-from-uk-regulation-application?utm_source=rss&utm_medium=rss