What will MLD5 mean for the regulation of Cryptoassets?
In April 2019, the UK government opened its consultation on transposing the Fifth Money Laundering Directive ("MLD5") into national law by the 10 January 2020 deadline for transposition. MLD5 changes include, among other things, requirements for cryptoasset exchanges and custodian wallet providers. The “gold-plating” of MLD5 that the UK government is considering has ramifications for virtual currency exchanges and custodian wallet providers; the FCA is seeking views on this approach.