Obtaining Crypto asset license in UK

Cryptoasset businesses that intend to provide in-scope services while acting in the course of business carried on by them in the United Kingdom must be registered with the FCA before they begin.

Application for FCA-registered cryptoasset firm license has to secure governance right and also recruit a suitably experienced MLRO.

Businesses must:

• take appropriate steps to identify and assess the risks of money laundering, proliferation financing and terrorist financing which the business is subject to

• assess the money laundering, terrorist financing and proliferation financing risks related to any new technologies prior to launch and take appropriate measures to manage and mitigate those risks

• have in place policies, systems and controls appropriate to mitigate the risk of the business being used for the purposes of money laundering, terrorist financing and proliferation financing. This risk-based approach should seek to mitigate the risks identified in the business’ risk assessment

• where appropriate, for the size and nature of its business, appoint an individual who is a member of the board or senior management to be responsible for compliance with the MLRs and the nominated officer. The nominated officer is also the person responsible for reporting suspicious activity to the National Crime Agency under Part 7 (Money Laundering) of the Proceeds of Crime Act 2002

• where appropriate, for the size and nature of its business, establish an independent internal audit function with responsibility for examining and evaluating the adequacy and effectiveness of the policies, controls and procedures, and making recommendations, as well as monitoring the controls

• undertake screening of employees

• undertake customer due diligence when entering into a business relationship or occasional transactions

• apply more intrusive due diligence, known as enhanced due diligence, when dealing with customers who may present a higher money laundering, terrorist financing and proliferation financing risk. This includes customers who meet the definition of a politically exposed person

• undertake ongoing monitoring of all customers to ensure that transactions are consistent with the business’ knowledge of its customer, the customer’s business and risk profile

Our service fee for obtaining Crypto asset license in UK is 19 k GBP deposit, 16 k GBP at submission and 14 k GBP at approval.

Further info:  Valters Gencs, info@gencs.eu, Whatsapp/telegram +371-29265441