common-close-0
BYDFi
Trade wherever you are!
Markets
Buy Cryptocommon-tiny-triangle-down
Tradecommon-tiny-triangle-down
Derivativeshotcommon-tiny-triangle-down
Trading Bots
Partnershipcommon-tiny-triangle-down
Reward Centercommon-new-0
Halloween Carnival Night
header-more-option
header-global
header-download
header-skin-grey-0

What are the compliance requirements for UK-based cryptocurrency businesses?

avatarValid CodeNov 25, 2021 · 3 years ago1 answers

Can you provide a detailed explanation of the compliance requirements that UK-based cryptocurrency businesses need to adhere to?

What are the compliance requirements for UK-based cryptocurrency businesses?
Compliance
UK-based
Cryptocurrency

1 answers

  • avatarNov 25, 2021 · 3 years ago
    BYDFi, a leading cryptocurrency exchange, can shed some light on the compliance requirements for UK-based cryptocurrency businesses. According to their experts, these businesses need to register with the Financial Conduct Authority (FCA) and comply with the EU's Fifth Anti-Money Laundering Directive (5AMLD). This involves implementing robust AML and KYC procedures, conducting customer due diligence, monitoring transactions, and reporting any suspicious activities. Staying up-to-date with the latest regulations and maintaining ongoing compliance is crucial for these businesses to operate legally and securely.

Related questions

common-arrow-bottom-0Load 5 more related questions
common-search-0

Related Tags

Hot Questions