Cryptoassets

Our Cryptoassets team have a proven track record of successfully supporting firms through the complex application process with the FCA.

SPEAK TO AN EXPERT DOWNLOAD OUR CRYPTO REGISTRATION WHITEPAPER

Our expertise

Cryptoasset firms' registration applications with the FCA are complex and any firm applying to carry out cryptoasset activities in the UK must be conscious that completing an application requires adequate resourcing and planning.

As a starting point firms are required to establish if they will be carrying out relevant cryptoassets activities by way of business, as per the scope defined in Regulation 14A of the MLRs. This in itself is not always straightforward as not all business models are the same and it may not always be clear how the relevant requirements and guidance might apply. Our experienced team can help you to review the nature of your products and services, applicable regulations and help you determine the best course of action.

Once established, we can provide support with the application process in which we have build a unique insight of the regulator’s main expectations for cryptoasset services providers through a number of successful applications.

Cosegic is a Community Member of CryptoUK

FCA authorisations and application services

Our dedicated team can support Cryptoasset firms with all aspects of their compliance.

5MLD Registration

If you are a cryptoasset firm, you must be registered under the fifth Money Laundering Directive (5MLD) if you intend to provide certain types of cryptoasset services in the UK. We can support you with the registration process and keep you providing certain cryptoasset services by way of business in the United Kingdom

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FCA Sandbox

The FCA Sandbox is open to authorised firms, unauthorised firms that require authorisation and technology businesses that are looking to deliver innovation in the UK financial services market. Cosegic can help firms prepare their application to enter the FCA Sandbox and help them navigate through to successful authorisation.

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Brexit and TPR

If you are a firm from within the European Economic Area (EEA) and are looking to continue or start offering financial services in the UK, we can help you to get authorised and regulated by the FCA.

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A guide to successful FCA applications for cryptoasset firms

The FCA is currently applying tough standards at the application gateway for cryptoasset firms, with applications for registration being rejected in cases where they do not include the key components which are required by the FCA to carry out their assessment. Applications are also being rejected due to the poor quality of the information submitted, as this is an indication to the FCA, of the applicant firm not being “ready, willing and organised”.

To address this, the FCA published some feedback on what constitutes a good quality application versus a poor quality application. This whitepaper offers a deeper review of the feedback in the context of the different stages of an application and requirements, to provide a valuable insight as to what is required to increase the chances of submitting a successful application to the FCA.

DOWNLOAD THE WHITEPAPER HERE

Ongoing compliance support and regulatory projects

Consumer Duty

A wide range of services options to support all firms with the implementation of the new Consumer Duty.

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Financial Crime

Under UK legislation, relevant firms must be able to demonstrate that they have robust governance, effective risk procedures and adequate internal control mechanisms to manage their financial crime risk. We help a broad range of firms across all financial sectors, with a special emphasis on those organisations for whom financial crime is especially complex and demanding.

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Ongoing Compliance Support

Cosegic support hundreds of firms with their ongoing compliance requirements, be it through regular compliance monitoring, online and classroom training, compliance assurance reviews or carrying out remediation required to meet regulatory obligations.

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Regulatory Reporting

Regulatory reporting is the main regular communication the FCA has with most firms. Mistakes in regulatory reporting can lead the FCA to conclude that the firm’s controls are not at an appropriate level, and lead to further investigation. We can help ensure that firms get it right the first time.

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Compliance Healthcheck

Our Compliance Healthcheck gives you comfort and peace of mind that you have appropriate compliance arrangements in place.

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Notifications

Guidance for firms on submitting notifications to the FCA.

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Training

Ensuring your management and staff receive appropriate compliance training is a requirement of the FCA’s regulations. We offer two options, online training courses using our PortAll software and bespoke classroom training and workshops

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Why choose Cosegic?

Our 360 degree perspective of regulatory affairs

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Our 360 degree perspective of regulatory affairs

Our wide range of financial sector experts come together on a regular basis to discuss their interactions with the FCA and the regulatory trends that they are seeing, providing us with a more informed understanding of the FCA than our competitors.

Direct, proportionate advice

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Direct, proportionate advice

Our unique perspective means we really do have our fingers on the pulse of regulation, which helps us to ensure that the advice we offer is practical, helpful and directly proportionate to our clients’ needs.

Our understanding of the role of compliance in firms

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Our understanding of the role of compliance in firms

We have watched the evolution of compliance over the past twenty years and understand that compliance must now become a core part of how financial services carry out their businesses in order for them to be successful.

Compliance confidence for visionary growth

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Compliance confidence for visionary growth

In recognising this, our services have been built in a way that can help you navigate regulation ensuring you will keep your vision and objectives intact. Our breadth of experience allows us to balance your business objectives with your compliance requirements.

We're experts in our field

David is a Senior Consultant within our Payment Services team. He is responsible for the delivery of consultancy services and specialises in supporting firms with their FCA authorisations, AML registrations and the management of their ongoing compliance obligations. In addition to his knowledge of the payment services sector, David also has an avid interest in cryptoassets and represents Cosegic in our membership with CryptoUK.

CONTACT DAVID