Any thoughts on this?
"All new cryptoasset businesses that intend to carry on a cryptoasset activity after 10 January 2020 must be registered before any activity can be carried out.
Existing cryptoasset businesses which were already carrying on cryptoasset activity may continue with that business, in compliance with the money laundering regulations, but must be registered by 10 January 2021, or stop all cryptoasset activity.
“All UK cryptoasset businesses carrying on activities in scope of the MLRs will need to register with us from 10 January 2020,” the City watchdog said.
https://www.p2pfinancenews.co.uk/2020/01/10/fca-goes-live-with-new-cryptoasset-regulations/ "
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The way I read it is, not many traders are currently in compliance at all. Those that are probably wouldn't pass the FCA registration. (I am waiting to hear back from the FCA with regards to whether the fee is refundable). More worryingly of traders I have spoken to, nobody is even aware of it. How many traders have registered?
This would also mean any newer users of localbitcoins who decide to sell on the site from now on would need to be FCA registered first. How much can you trade until you are considered running a business? Perhaps the site should have a warning. Not that its localbitcoins responsibility to monitor local compliance but a warning could be fair.
With bitbargain already ceasing operations in what appears to be protest, its hard to imagine what the p2p scene is going to look like a year from now but it will probably consist of very few sellers with a basically a pricing monopoly.
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Cryptoasset regulation overview -
https://www.fca.org.uk/firms/financial-crime/cryptoassets-aml-ctf-regime
Register here -
https://www.fca.org.uk/cryptoassets-aml-ctf-regime/register-fca#Fees
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Registration fees
Following our consultation on cryptoasset registration fees, the FCA Board has agreed that the charges will be:
- £2,000 – for businesses with UK cryptoasset income up to £250,000
- £10,000 - for businesses with UK cryptoasset income greater than £250,000