The new FCA policy will see the number of companies required to submit financial crime reports increase from 2,500 to 7,000.
The UK Financial Conduct Authority (FCA) published a new policy statement Wednesday that includes crypto companies on the list of businesses required to submit a financial crime report.
* Businesses that are required to submit financial crime reporting are referred to by the FCA as “REP-CRIM”, which crypto asset companies are now to be included in.
* Previously, this applied to just 2,500 of the 22,000 firms supervised by the FCA under anti-money-laundering regulations.
* This number will rise to 7,000 with “all cryptoasset exchange providers and custodian wallet providers” included in those added.