UK casino operators could be subject to Financial Conduct Authority’s supervision
The Financial Conduct Authority (FCA), which regulates the financial services industry in the UK, has informed that from 10 January 2020, it will be the supervisor of cryptoasset businesses in the territory for anti-money laundering and counter-terrorist financing purposes.
The news follows the transposition of the EU 5th Money Laundering Directive into UK law under amendments to the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.
The UK Gambling Commission has issued a statement warning its licensed operators to verify whether any business activities —including where cryptoasset money service business facilities are offered to consumers— fall within the scope of the Regulations and are therefore subject to supervision by the FCA.
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