The Scotcoin Project CIC has been temporarily registered under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 as a cryptoasset business until 9 July 2021, pending the determination of our application by the Financial Conduct Authority.
We will continue to comply with the MLRs, including the requirement at regulation 60A, to inform our customers before establishing a business relationship or entering into a transaction with them, that our cryptoasset activity is not:
- within scope of the jurisdiction of the Financial Ombudsman Service, or
- subject to protection under the Financial Services Compensation Scheme, or
- within scope of the jurisdiction of, or subject to protection under, either of the schemes referred to in paragraph (1) or (2).