UK Financial Conduct Authority to Act as AML and Counter-Terrorist Supervisor for Cryptoasset Businesses

The UK Financial Conduct Authority has announced on a website that it has been appointed to be the anti-money laundering and counter terrorist financing supervisor for UK cryptoasset businesses under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 from January 10, 2020.  Although the definition of cryptoasset businesses has not been finalized yet, they include: exchange providers; ATMs; cryptoasset wallet providers; peer to peer market providers; issuers such as ICO (Initial Coin Offering) sponsors; and software providers for the foregoing platforms.