Gemini Europe Limited is now registered with the Financial Conduct Authority (FCA) under its new regulations. These laws require crypto businesses in the UK to register with the FCA before performing any crypto-related activity.
The European branch of the said exchange was added on the FCA register on August 19, though an effective status date for the firm’s registration has yet to be added.
Crypto businesses within the European region have until January 10, 2021 to be registered. Those who are still not registered by this date will have to cease their operations. This comes after UK regulators amended the anti-money laundering rules earlier this year with the European Union’s fifth AML Directive (AMLD5).
All European countries are implementing the new crypto regulations which are based on the Financial Action Task Force (FATF) guidelines. Under the new law, all European crypto businesses need to comply with regulators and also provide information about their customers.
This revised legislation will empower authorities to track illegal activities. Furthermore, the legal framework will focus on the usage of cryptocurrencies in financing criminal activities such as terrorism and money laundering.
Registered together with Gemini was Archax, a London-based exchange. Archax’s approval status was placed into effect this week as per the FCA register. The FCA has registered two crypto exchanges so far which are Archax and Gemini.
In other news, Gemini was also included in Hawaii’s Digital Currency Innovation Lab (DCIL), which is a two-year pilot program that aims to make crypto more accessible to the people of the said US state.