Summary
TLDR: The government is updating crypto regulations to bring exchanges and custody providers under a new authorization regime, removing the need to be registered with the FCA for money laundering and terrorism financing safeguards.
Key Points
1. The government is working on refining its crypto regulation environment in order to bring crypto exchanges and custody providers into a new authorization regime.
2. Currently, these firms must be registered with the FCA for money laundering and terrorism financing safeguards in order to operate in the country.
3. Once the new regime is fully implemented, registration with the FCA will no longer be necessary for crypto exchanges and custody providers to operate in the UK.