There continues to be questions and debate about how and what cryptocurrency should be regulated, and given the virtual, international and cross border nature of cryptocurrency this is an extremely complex topic.
Some firms are regulated because their wider business activities bring them into the scope of FCA regulation, whereas others invite regulation because of the market kudos and respectability it brings. Come 2019, all firms are going to face regulation with the implementation of the Fifth Money Laundering Directive (5MLD), which will demand a new range of controls, policies and procedures.
With a dedicated Cryptocurrency team, we are well positioned to help you navigate the regulatory environment and prepare for the changes and additional obligations that increased regulation brings. Not only do we have in-depth knowledge of the regulations and emerging issues, but we know a great deal about e-Money and Financial Crime, so can help you:
Understand when and how your business needs to be regulated by the FCA
Prepare and manage your FCA application
Develop and implement the systems, controls, policies and procedures required of a regulated firm
Keep up to speed with regulatory developments with our board briefings
Train executives/board members to understand regulation and their Approved Person responsibilities
Develop your financial crime risk framework and carry out the mandatory annual independent risk assessment that is required by 4MLD and will be necessary under 5MLD
We’ve already helped a number of well-known crypto brands stay ahead in the race to market and can use our market-leading experience to help you.
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