Has anyone bothered to register as a peer to peer exchange for the UK fatf rules

[jackg]

I don't normally do peer to peer trading but today or yesterday was the cut off for operations if you do (apparently) and the cut off for emergency declarations was December.

I'm just confused on the whole process and was wondering if someone was given any more information in case I decide to trade again and register at some point (won't be doing that for a while though).

It's interesting to see that Singapore has been brought in as one of the countries that needs to comply with it yet I don't see binance enforcing kyc yet. Kyc goes anywhere from address verification to ID verification and source of funds and those all seem fairly problematic -also the same extent hasn't been brought in for people trading jewellery or fiat afaik so (as in being exchanged for each other or for other non electronic assets) ...

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[figmentofmyass]

I don't normally do peer to peer trading but today or yesterday was the cut off for operations if you do (apparently) and the cut off for emergency declarations was December.

I'm just confused on the whole process and was wondering if someone was given any more information in case I decide to trade again and register at some point (won't be doing that for a while though).

this is the registration portal: https://www.fca.org.uk/firms/connect
general info about what you'll need to do: https://www.fca.org.uk/cryptoassets-aml-ctf-regime/register

it looks very invasive and tedious.

fortunately, it looks like you only need to register if your trading would be categorized as a commercial business. this is what that determination comes down to:



unfortunately, i doubt there's much info out there establishing exactly what they consider to be "regular/frequent" activity. i'm struggling with the same thing with american/FINCEN regulations---there is a frequency element, but they don't tell you what triggers it.

It's interesting to see that Singapore has been brought in as one of the countries that needs to comply with it yet I don't see binance enforcing kyc yet.

binance, kucoin, bybit..... none of them are really based in or registered in singapore. more like the seychelles or cayman islands. they just say stuff like that to appear legitimate.

[DrSwappy]

It's very strange because what counts as advertising in a commercial way?

I am in the UK and what if I put a thread saying I'm trading btc for eth with a 1% fee which I profit from, is that commercial advertising?

I think there is about 4 company's with the licence

Gemini and Cex.io I know for sure

[Welsh]

If you believe you might meet some of these requirements, but aren't sure, then you can contact an accountant. An accountant, will likely be able  to tell you whether you need too in a consultation, and it shouldn't cost you too much. Obviously, if you do fall into the category you can either choose to handle your own finances or get the accountant to do it for you for a yearly fee. Although, I understand wanting to handle your own finances, and not get a third party involved, its sometimes worth the privacy concerns when it comes to not understanding the laws exactly. I prefer to put my mind to ease on certain things, especially when it comes to taxes, and other regulations.

[Harlot]

Maybe if you are unsure about it you can just contact them as it is one of the best ways on getting the right answer is through just asking them.

Contact us

For any queries regarding the new regime, please email firm.queries@fca.org.uk

Aside from that the pdf provided in the FCA's website shows that you may seek legal advice which I think you really need to do because even the FCA says that is is up to you to decide on whether or not you are needed to register your business. And if you decided to not register I think it will be handy to you when you are backed up by a lawyer.

[malevolent]

It's very strange because what counts as advertising in a commercial way?

I am in the UK and what if I put a thread saying I'm trading btc for eth with a 1% fee which I profit from, is that commercial advertising?

If done on a continuous basis to earn non-negligible amounts of money, and you'd keep trading back into BTC to have more for exchanging, then I'd err on the side of caution.

Especially if you're offering to trade the other way, in such a case it's clear you're not trading for personal use, but purely to make money.