The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    us

    18.97.9.170

    Following an FCA Crackdown, Cryptocurrency Investors to Wait 24 Hours Before Completing Their Transactions in the UK

    n-img-following

    The Financial Conduct Authority (FCA) crackdown forces new crypto investors in the UK to wait 24 hours before proceeding with transactions. The FCA will enforce compliance with revised FCA rules from October.

    There has been a surge in cryptocurrencies popularity in the UK, such as Bitcoin. The government estimates that one in 10 British adults invests in digital assets. Compared to gambling, crypto is a high-risk asset and needs more regulation. Crypto companies will be required to follow new FCA rules starting in October, affecting how they market themselves to UK consumers.

    Following government legislation, the FCA will implement revised measures to regulate crypto promotion. Crypto companies must offer a 24-hour “cooling-off” period to new customers beginning October 08, 2023. You must wait a full day before your first cryptocurrency transaction is completed if you are investing in crypto for the first time.

    By doing so, investors will be prevented from making rash investment decisions. Companies that sell cryptocurrencies to UK investors are subject to the new legislation. It is expected that the FCA will enforce a ban on advertising that offers “refer a friend” bonuses. The law urges companies to ensure cryptocurrency advertisements are “clear, fair, and not misleading.”

    Companies should warn about crypto investment risks. FCA risk warning: “Don’t invest unless you are prepared to lose your entire investment. This is a high-risk investment, and you should not expect to be protected if something goes wrong.”

    The revised advertising rules will not affect non-fungible tokens. However, they cannot be used as incentives for cryptocurrency investing. FCA officials have warned crypto company bosses that they may be jailed for up to two years or fined.

    Cryptocurrencies are largely unregulated as investments and considered high-risk investments. The FCA does not govern cryptocurrency investments. Cryptocurrency exchange platforms are regulated in the UK to prevent illicit funds transfers. Also, the FCA regulates cryptocurrency promotion for UK investors. The FCA regulates crypto investment marketing with the Advertising Standards Agency (ASA). A committee of MPs stated last month that cryptocurrencies “more closely resemble gambling than a financial service.”

    Johanna Noble, editor of the Times Money Mentor, wrote a column on “Why young people are addicted to cryptocurrencies?”. Since then, various legislative changes have been made to protect potential investors from cryptocurrency risks. Cryptocurrencies will be marketed and sold differently due to this change. According to the FCA, crypto investors regret making hasty decisions when they invest in digital assets.

    Sheldon Mills, director of the FCA’s consumer and competitions division, said: “It is up to people to decide whether they buy crypto. But research shows many regrets making a hasty decision. Our rules give people the time and the right risk warnings to make an informed choice,” continued, “Consumers should still be aware that crypto remains largely unregulated and high risk. Those who invest should be prepared to lose all their money,” she further added. “The crypto industry needs to prepare now for this significant change. We are working on additional guidance to help them meet our expectations.” Currently, the FCA guides how firms can advertise cryptocurrency to UK consumers more effectively.

    Suggested Reads:

    SOUTH AFRICA ENFORCES NEW RULES TO TRANSFER FUNDS ABROAD

    FATF URGES QATAR TO INCREASE ITS EFFORTS AGAINST MONEY LAUNDERING

    ANTI-MONEY LAUNDERING LAWS REQUIRE NGOS TO DISCLOSE THEIR FUNDING SOURCES

    Related Posts

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Take effective measures to amend current Anti-Mon...

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

    On Wednesday, in the King’s Speech, the UK government presented a new Digital Identity Verificati...

    UK Parliament Legislates New Digital Identity Verification Services Bill Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore enhance Anti-Money Laundering (AML) regulations for virtual asset service pr...

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe have emerged with enhanced AML requirements for corporate services businesse...

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Explore More

    News

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    On Friday, an international financial watchdog committed to securing the global economic system a...

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS fined multiple financial institutions over $1.5 billion for not complying wit...

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Explore More

    News

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Myanmar, Nigeria, and Türkiye are implementing effective measures to level up anti-money launderi...

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Explore More

    News

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    International financial watchdogs have imposed a fine of over $500 million on TD Bank, Adelaide C...

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Explore More

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Take effective measures to amend current Anti-Mon...

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

    On Wednesday, in the King’s Speech, the UK government presented a new Digital Identity Verificati...

    UK Parliament Legislates New Digital Identity Verification Services Bill Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore enhance Anti-Money Laundering (AML) regulations for virtual asset service pr...

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe have emerged with enhanced AML requirements for corporate services businesse...

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Explore More

    News

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    On Friday, an international financial watchdog committed to securing the global economic system a...

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS fined multiple financial institutions over $1.5 billion for not complying wit...

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Explore More

    News

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Myanmar, Nigeria, and Türkiye are implementing effective measures to level up anti-money launderi...

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Explore More

    News

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    International financial watchdogs have imposed a fine of over $500 million on TD Bank, Adelaide C...

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Explore More

    Take the next steps to better security.

    Contact us

    Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

    Contact us

    Request demo

    Get free access to our platform and try our products today.

    Get started