Change in control for cryptoasset firms

The FCA has updated its control notification forms to include forms relevant for FCA registered cryptoasset firms, being registered cryptoasset exchange providers and registered custodian wallet providers. 

The forms include those relating to:

• Corporate controllers
• Partnership controllers
• Individual controllers
• Trust controllers

Any person who decides to acquire 25% or more control of an FCA registered cryptoasset firm must first receive prior FCA approval before completing the transaction.

Through legislation brought about by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, these persons must now comply with the change of control regime set out in Part 12 of the Financial Services and Markets Act 2000.