On September 5, Decrypt reported that this week the UK Treasury released a draft proposal for revisions to current AML regulations, imposing stricter requirements on Crypto Assets businesses. The Financial Conduct Authority will implement a broader "fit and proper" test for company controllers, replacing the existing beneficial ownership test, to ensure that regulation can cover complex ownership structures. Other provisions will lower the threshold for notifying changes in control from 25% to 10%, meaning any party acquiring 10% or more equity or having significant influence must notify the UK Financial Conduct Authority. The UK Treasury is soliciting feedback on the draft, with a deadline of September 30, after which the regulations will be finalized in early 2026 for parliamentary review.
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UK regulators draft new AML rules covering enhanced oversight of Crypto Assets companies.
On September 5, Decrypt reported that this week the UK Treasury released a draft proposal for revisions to current AML regulations, imposing stricter requirements on Crypto Assets businesses. The Financial Conduct Authority will implement a broader "fit and proper" test for company controllers, replacing the existing beneficial ownership test, to ensure that regulation can cover complex ownership structures. Other provisions will lower the threshold for notifying changes in control from 25% to 10%, meaning any party acquiring 10% or more equity or having significant influence must notify the UK Financial Conduct Authority. The UK Treasury is soliciting feedback on the draft, with a deadline of September 30, after which the regulations will be finalized in early 2026 for parliamentary review.