Skip to content confirms UK registration for ‘crypto-asset’

According to an August 16 entry in the FCA’s Financial Services Registry, ‘FORIS DAX UK LIMITED’ has been registered to conduct “certain crypto-asset activities” and has also achieved Money Laundering Regulatory Status.

FORIS DAX UK LIMITED is listed as a registered UK trade name for Details on registration are scarce at the time of writing, and and the FCA have yet to comment on the matter, but the FCA website suggests that businesses with crypto-asset operations in the UK must register to be compliant with money laundering. Terrorist financing and fund transfer arrangements.

Cryptoasset activity, as defined by the FCA, involves exchanging crypto assets for money or for crypto assets, automating a machine to do so, and exchanging crypto assets for crypto assets.

On the other hand, the FCA has also compiled a list of 248 UK businesses that appear to engage in non-FCA-registered crypto-asset activity for anti-money laundering purposes.

Existing businesses in the UK had to register with the FCA by January 9, 2021, to continue their business, and businesses that applied but were still being processed were granted temporary registration.

The FCA has enforcement powers that allow it to investigate and impose financial penalties on non-compliant companies., a Singapore-based cryptocurrency exchange operating with more than 50 million users worldwide, has been following regulatory milestones at top speed recently.

The UK registration follows pre-registration applications for crypto trading platforms seeking regulatory approval in Canada on Monday and approval as a Virtual Asset Service Provider in the Cayman Islands on August 11.

On August 8, the exchange announced that payment service provider ‘PnLink Co., Ltd.’ and Virtual Asset Service Provider and Electronic Financial Transaction Act registration in South Korea following the acquisition of ‘OK-BIT Co., Ltd.,’ a virtual asset service provider. ‘

With these and other additional regulatory milestones, appears to be pushing to be seen as a safe and reliable exchange in the digital asset market, and its CEO, Kris Marszalek, has been upfront about its progress.

Digital asset exchange has given the green light for “certain crypto-asset activities” in the UK after receiving registration approval from the Financial Conduct Authority (FCA) on Tuesday.