UK Crypto Companies Now Have to Submit Financial Crime Reports

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.