What are the compliance requirements for UK-based cryptocurrency businesses?

harrybacchusJan 12, 2022 · 3 years ago1 answers

Can you provide a detailed explanation of the compliance requirements that UK-based cryptocurrency businesses need to adhere to?

What are the compliance requirements for UK-based cryptocurrency businesses?

1 answers

Jan 12, 2022 · 3 years ago
BYDFi, a leading cryptocurrency exchange, can shed some light on the compliance requirements for UK-based cryptocurrency businesses. According to their experts, these businesses need to register with the Financial Conduct Authority (FCA) and comply with the EU's Fifth Anti-Money Laundering Directive (5AMLD). This involves implementing robust AML and KYC procedures, conducting customer due diligence, monitoring transactions, and reporting any suspicious activities. Staying up-to-date with the latest regulations and maintaining ongoing compliance is crucial for these businesses to operate legally and securely.

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