United Kingdom: Issued notice on Cryptoasset Handling Obligations

On 24 March 2022, the UK Financial Conduct Authority (FCA) issued a notice reminding financial service firms handling cryptoassets of the obligations they have to respect. Firstly, the FCA expects clear communication with customers, especially when explaining which areas are regulated. Secondly, firms handling cryptoassets must comply with the "Money Laundering, Terrorist Financing and Transfer of Funds Regulation", meaning they must both register with the FCA and check whether business partners are listed on the FCA's "Unregistered Cryptoasset Businesses" page. Finally, firms must conduct risk assessments regarding potential risks and harms to clients, their own institution, and their market.