Crypto companies in the UK will not be permitted to operate after January 10, 2021, if they do not have the license.
The UK financial regulator has warned all crypto businesses in the country that they only have till the end of this month to submit applications to acquire a crypto licence.
The Financial Conduct Authority (FCA) said firms need to complete their applications by June 30, so the regulators can have the time to process applications ahead of the deadline.
The United Kingdom is among other several countries that have started to enforce crypto regulations based on the guidelines proposed by the Financial Action Task Force. Many from the crypto community have criticized the proposed guidelines as they invade the privacy of crypto users.
The need for crypto regulation has emerged with the continuous adoption of crypto around the world. The Financial Action Task Force gave its 37 member countries 12 months to enforce the guidelines regarding the cryptocurrency regulations.