FCA in the UK cryptoactivity updates

Just wanted to follow up on that thread by @OmegaStarScream about "Bitcoin ATMs being shut down in the UK". So, I checked out the FCA (UK) site to see what the current rules and regulations are. Looks like they're really tightening their grip on businesses involved in crypto that aren’t registered with them for anti-money laundering. If you’re interested, here’s the link to see which UK businesses are operating without FCA registration for anti-money laundering. Honestly, if you've done any business with these companies, I’d suggest reaching out to them ASAP, especially if they’ve got any of your crypto or fiat. These companies could vanish any minute. Also, if you're thinking about starting a crypto-related business in the UK, there's a flowchart that can help you figure out if you need to register with the FCA. Seems like the FCA is getting pretty savvy about what's happening in the crypto world and they’ll be keeping a close eye on things.

It looks like they've been doing it for the "past year or two", but I'm wondering why it took them this long to act against BTMs [it's strange]? I believe you meant to copy/paste "this" one instead I checked some of them at random and from the ones that are still active, almost all of them seem to be fake/scam websites!

Tracking scam companies that set up ATMs will be easier than online crypto exchanges and services, as the first one will need money to buy these devices, rent the place, and so on. At some point, a person may be able to track those companies and get his money back. Personally, I see that any company that converts from cryptocurrency to fiat money will require identity verification, and therefore it must have a license and operate according to certain frameworks, otherwise it is a scam. As for the platforms that transfer from one cryptocurrency to another, you can use the trusted ones, which are definitely not based in the United States, the United Kingdom and other countries if you do not want to verify the identity.

There is definitely a double edged sword issue with regulation . On the one side is helps to stop scams , but on the other there will most certainly be KYC/AML involved. Wherever and whenever there are regulators then there is most certainly a cost involved too. I’ve had a good look at this regulation and can’t quite find the cost of the process and also the length of time it takes? Anyone had any experience with the process?

It was true fact mate.At the last our hand will have some blood injury with this double sided knife. Stop of scam will not affected us. Applying for the kyc will became a mandatory one. One the kyc was verified, it will monitor our crypto flow on the wallet. It will further calculated the fee or tax need to pay for the crypto transaction.In some developing country like India, they asking to pay 30 percentage as tax for crypto investments.