The Financial Conduct Authority (FCA) in the UK has warned many players in the crypto industry that they are falling short of anti-money laundering expectations. FCA compliance has been a hot topic in the crypto industry due to the rapid growth seen in recent months, which is expected to continue in the coming years. The regulator has now extended the deadline for crypto companies to register with it until March 2022, but questions remain about compliance with regulations within this industry. 

Standards Not Are Being Upheld

According to the FCA, a significant number of businesses operating within this industry are not upholding the standards required of them under the Money Laundering Regulations. The crypto industry is a relatively new one, and, as such, it has been a scramble for the FCA to bring it into line with current regulations. 

The regulator first began accepting registrations from crypto companies in January 2020, but since then, just five businesses have successfully registered. Some businesses are now operating under temporary status, while still, more have withdrawn their applications altogether. 

There is a distinct focus on ensuring that the crypto industry complies with money laundering regulations. Cryptocurrencies are often anonymous, used in transactions across borders, and sometimes for illicit activities like money laundering. The anonymity of the technology has made it a complicated sector for regulators to oversee. 

By extending the registration deadline for such companies in the UK, the FCA has given itself some room to continue assessing the practices of companies in the industry while still allowing them to carry on operating. 

An Ever-Changing Landscape

The crypto industry is a new one, so it has been difficult for regulations to keep up with its rapid growth. The FCA is constantly trying to adapt its practices to an evolving business world, however. As a result, many businesses have to comply with regularly changing regulations, which can be confusing.  

Scott Roberts offers FCA compliance and strategic advice for companies that are often struggling to keep up with the ever-changing expectations of the FCA. This could be a valuable resource for many companies, especially considering that comments from the regulator seem to indicate a commitment to changing how the FCA operates. 

The pandemic has exposed some of the issues present with the current regulatory practices. To help counteract this, the chairman of the FCA has stated there will be changes to how it operates. While this will ultimately lead to a better standard of protection, it will undoubtedly cause difficulties for those running companies as the rulebook is changed. 

It is, therefore, not only crypto companies that will be struggling to keep up with regulatory changes but businesses across a wide array of industries. There is, however, a distinct focus from the FCA on the growing crypto industry, and the regulator will continue its efforts to ensure that it is safer for those investing in it. However, whether there will be a push from crypto companies to register remains to be seen, as few have done this so far.

Unless you have actively avoided all news outlets, websites, and social media for the past few years, you can’t have failed to notice that cryptocurrency is a huge deal. With bitcoin in particular, the headlines screamed that people had become millionaires overnight from their investments, and for once this was no exaggeration; it really was possible. 

Although the furore over cryptocurrency has died down somewhat, it is still an exciting way to grow your money, and even if you won’t become an instant millionaire anymore, you can still make a great return. If you’re interested in cryptocurrency trading, here are some tips on how to get started. 

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How Involved Do You Want To Be? 

The first question you’ll need to ask yourself before you can move forward with your cryptocurrency plan is how involved do you want to be with your cryptocurrencies? In other words, do you want to be there right at the start, mining the bitcoin and other currencies? Or would you rather just buy and sell them? 

There are advantages and disadvantages to each idea, and taking a look at My Blockchain Life might give you a little more information about mining your own; it can be the best option for many people, and with the right advice, you can do very well. 

Choose A Simple Strategy 

No matter where you want to start with cryptocurrencies, the market is a potentially confusing one, which is why having a simple strategy to help you see your way through and make gains whenever possible is important. There are many complex strategies that you can find online, but the best thing you can do is work on a much simpler one; one that you can continue to use whatever the situation might be and that you won’t have trouble remembering when you need to. 

The truth is that there is no magic strategy that will give you good results every time. What there is, however, is a strategy that works most of the time, and that works for you. Don’t worry about what other people are doing; choose the most straightforward system that does what you need it to do. 

Automate 

Cryptocurrencies are bought and sold 24 hours a day, and the market doesn’t close for holidays either. This means that unless you want to be glued to a computer screen or smartphone forever, you’ll need to automate your trading. If you don’t, you’ll find that trading takes over everything in your life when it should be something that doesn’t take up too much of your time, especially when it’s not your primary income. 

If you tried to monitor the market, you would become exhausted, and you would probably fall out of love with trading cryptocurrencies – or trading in general. Automating your strategy means that you can just ‘set and forget’, returning to check on your trades just once a day or so. This can be hard to do at first, but it’s for the best, and if your strategy is one that works, you shouldn’t have any problems.