FCA AML guidelines to cover cryptocurrency

However, the Financial Conduct Authority (FCA) in the United Kingdom is taking a lead by introducing mandatory anti-money laundering (AML) checks for cryptocurrencies in the country.

That marks a huge step towards the recognition of cryptocurrencies as a conventional monetary tool.

Thanks to the changes in attitude by the FCA towards cryptocurrencies, there will be more transparency in the sector which is important to consumers just as much as it’s important to investors.

As a result of the FCA’s new regulations, all crypto businesses will now have to submit AML reports just the same way that regular businesses operating FIAT currencies do.

The FCA is also going to glean important data about the number of crypto businesses in the United Kingdom and their primary operations. The regulator expects to review an estimated 4,500 entries every year.

Keeping a closer look on the sector will allow legitimate operations to soar. That includes gambling blockchain companies, which want to be recognized for their transparency and commitment to industry standards.

Gambling is massively switching to crypto solutions because of how easy it is to transact money. Leading companies such as Bitcasino.io, Cloudbet, FortuneJack, and other are heavily favouring the use of crypto over FIAT currencies, and offer a first-rate casino offering with it.

With the renewed guidelines by the FCA, the sector should enjoy even more transparency that would ultimately be beneficial. Having a little more scrutiny from a central regulatory authority would allow gambling operations to adjust their offer in a way that is compliant with every last regulatory norm in the United Kingdom.

This may affect FunFair Technologies to some extent, with some of their operation occurring out of the UK, but as a company which has always run to regulation where possible, this news will likely be positive as they push for mainstream adoption.

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Written by Tudor

Works as a developer and helps keeps the digital cogs turning. Leave them alone, they're busy.