Is Great Britain luring you to open a cryptocurrency company there? Then it is important to remember how this country regulates different types of virtual currencies. We will now focus on the key legal requirements for cryptocurrencies and find out what crypto activities fall under the regulation.
Firstly, it is necessary to define the characteristics and structure of a virtual currency to determine if it is regulated in Great Britain. The FCA has issued the Guide to Cryptoassets and labeled three categories of digital assets:
Although the UK is leaving the EU, the rules of the European Union regarding the provision of financial services still apply to the cryptocurrency regulation in Great Britain even after its withdrawal. The regulation is governed by these legislative acts:
In addition, in 2020 the FCA started to observe whether UK-registered crypto companies comply with AML regulations.
Hopefully, this article was helpful with the basic understanding of crypto regulation in the UK. For a more in-depth consultation on digital currencies in Britain and all the requirements necessary to fulfill for starting a crypto business there do not hesitate to contact COREDO and arrange a personal meeting. Our specialists have a truly professional approach to each businessman and will inform you about all stages of conducting cryptocurrency activities in Europe.