NFT Providers May Need Registration to Comply With UK Money Laundering Rules
Summary
Crypto businesses issuing non-fungible tokens (NFTs) in the UK may need to register with the Financial Conduct Authority (FCA), even after the introduction of a new authorization regime for the industry. The UK government is refining its crypto regulation environment and plans to include crypto exchanges and custody providers in the new regime. However, crypto assets not used in relation to regulated financial services, like NFTs, are likely to fall outside the regime. These firms will still need to register with the FCA for anti-money laundering and counter-terrorist financing purposes. The number of firms required to register may increase as the industry develops. The government is seeking responses on the proposed regime by June 9.
