Clarity on change in control for cryptoasset firms

On 11 August 2022, the FCA updated its webpage on change in control notification forms to include links to forms for use by persons intending to acquire control over an FCA registered cryptoasset firm.

If you are seeking to be a controller of a firm registered under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017), you will need to complete the cryptoasset version of the form. 

Any person who decides to acquire 25% or more control of an FCA registered cryptoasset firm must receive prior FCA approval before completing the transaction. These persons must comply with the change of control regime set out in Part 12 of the Financial Services and Markets Act 2000 (FSMA), as modified by Schedule 6B to the MLRs 2017.

These changes were introduced by regulation 12 of the Money Laundering and Terrorist Financing (Amendment) (No 2) Regulations 2022 (SI 2022/860), which entered into force on 11 August 2022.