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bonk
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bitcoin
Bitcoin (BITCOIN)
$98,422 2.64%
ethereum
Ethereum (ETHEREUM)
$2,769 5.09%
binancecoin
BNB (BINANCECOIN)
$668.43 -0.39%
solana
Solana (SOLANA)
$203.52 5.46%
ripple
XRP (RIPPLE)
$2.77 13.05%
shiba-inu
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pepe
Pepe (PEPE)
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bonk
Bonk (BONK)
$0.000019 10.79%
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Coinbase Secures FCA Approval to Expand Crypto Services in the UK

Highlights:

  • Coinbase secures FCA approval, becoming the largest registered crypto exchange in the UK.
  • The exchange can now offer both fiat and crypto services to UK investors and traders.
  • Only 14% of applicants have secured FCA approval, making this a significant milestone.

The UK’s Financial Conduct Authority (FCA) has granted a Virtual Asset Service Provider (VASP) license to Coinbase. According to the statement, this license will enable the crypto exchange to offer both cryptocurrencies and fiat services to users in the UK. The move establishes Coinbase as the largest regulated cryptocurrency exchange in the country. 

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UK’s FCA has set very tight standards for companies operating within the country. The success rate in terms of registration is dismally low, with only 14% of the applicants being successful. This shows the exchange`s preparedness to meet the set regulations. The approval comes after Coinbase sought an FCA license for six months to ensure that it met the regulatory commissions’ standards. 

Earlier, Coinbase was present in the UK through its subsidiary CB Payments Ltd. The subsidiary has offered e-money services since 2018 but was not involved directly in cryptocurrencies. With this new registration, Coinbase can fully complement its operations in the UK with digital assets.

New Opportunities for Coinbase in the UK

The registration with FCA also allows Coinbase to provide a wider range of services in its operations. UK customers will be able to engage in cryptocurrency trading, staking and utilizing stablecoins. The approval provides a chance to do away with all the third parties and have direct conversations with the regulators.

The UK remains one of Coinbase’s biggest international markets. This registration is a part of its growth plan, which places the exchange at the center of the country’s finance industry. The integration of fiat and crypto services is beneficial since it extends the reach of services to investors and traders.

Coinbase securing FCA approval also unlocks the market for institutional investors. FCA standards should be met to achieve enhanced safety for both retail and institutional clients. Consequently, the exchange anticipates continued growth of crypto within the UK market. 

Crypto Adoption in the UK on the Rise

Cryptocurrency ownership in the UK has risen significantly over time. Coinbase UK CEO Keith Grose noted that 12% of UK adults, which equates to 8.8 million people, now hold digital assets. This is up from 10% in previous years. The crypto user base has reached 65 million across Europe, indicating a growing interest in digital currencies. 

The company’s expansion to the UK aligns with the government’s supporting growth and innovation policies. The FCA further fosters regulations that encourage the adoption of cryptocurrencies. As a result, Coinbase is now well-placed to shape crypto policy debates and future developments in the crypto sector. 

Keith Grose emphasized the importance of this achievement. He further noted that the move would help the exchange introduce new products in the market to reflect the country’s regulation standards. 

Recently, Argentina’s National Securities Commission granted Coinbase a license to operate as a Virtual Asset Service Provider. This registration enables the company to operate legally within the country and tap into the market in the region.

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