Fidelity Digital Assets Receives FCA Approval for UK Crypto Business

The U.K. Financial Conduct Authority granted Fidelity Digital Assets registration for its digital asset custody and trade execution services, according to a story in The Block news. Previously, the firm was listed as a temporary member, but the FCA has now moved it to the permanent register. With this comes a money laundering regulations (MLR) license, meaning the FCA considers Fidelity compliant with money laundering regulations related to crypto. The FCA took over as the AML watchdog for crypto firms operating in the UK at the start of 2020, and it swiftly introduced a mandate that crypto firms register with the regulator. Firms were originally supposed to meet a January 10, 2021 deadline to register their activities or close up shop, but the agency extended that deadline as it struggled to keep pace with the wave of applications.