Paul Hastings aids Asset Reality's FCA registration

Paul Hastings has advised Asset Reality, which is recognised as the first single asset recovery operating system, on its landmark registration with the U.K. Financial Conduct Authority (FCA) as a cryptoasset business under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. This achievement marks a significant step for Asset Reality, enabling it to act as a custodian wallet provider and support U.K. law enforcement and agencies in addressing the operational and technical challenges faced by global seized-asset practitioners.

The registration allows Asset Reality to be actively involved in a critical area of the burgeoning cryptoasset landscape. To reach this milestone, the company has established a series of robust anti-money laundering (AML) and counter-terrorist financing (CTF) controls. These include comprehensive risk management protocols, thorough client due diligence procedures, advanced transaction monitoring systems, and continual staff training programmes. Such measures not only align with the stringent expectations set forth by the FCA but also underscore Asset Reality’s commitment to ensuring the integrity of the ecosystem.

“We are delighted that Asset Reality has obtained registration with the FCA as a cryptoasset firm. The company will be a key player in the cryptoasset ecosystem and facilitate its growth,” noted partner Arun Srivastava, who led Paul Hastings’ advisory efforts. He further commented that “the difficulties involved in preparing a registration application, given the complexities in the arena Asset Reality operates in, is testament to Asset Reality’s capabilities.” As such, this registration heralds a new era for both Asset Reality and the broader industry, potentially paving the way for enhanced regulatory compliance and operational efficiency in the sector.