Coinbase in the UK Gains Approval to Offer Digital Asset Services
Coinbase in the UK has received approval from the Financial Conduct Authority (FCA) to provide digital asset services, marking a significant expansion of the U.S.-based exchange in Europe.
| Key Takeaways: – Coinbase in the UK has received approval from the FCA to offer cryptocurrency trading and custody services. – Coinbase becomes the largest registered digital asset provider in the UK, following a strict registration process with only 145 successful applicants. |
The approval allows Coinbase in the UK to offer a range of cryptocurrency services, including trading and custody, to both retail and institutional investors.
The FCA’s stringent registration process has resulted in only 145 successful applicants, with Coinbase becoming the largest registered digital asset provider in the country. This milestone highlights the company’s adherence to the UK’s regulatory standards and further solidifies its position in the region’s growing cryptocurrency market.
The news comes after Coinbase’s subsidiary, Coinbase Payments, has been operating in the UK since 2018, offering e-money services. However, until now, the company was limited in offering crypto-related products. The latest registration follows an investigation into Coinbase Payments regarding the “unintentional assessment” of a voluntary agreement with UK regulators in 2020.
Cryptocurrency services have previously faced challenges in gaining institutional approval due to the volatility of digital assets. However, Coinbase in the UK could signal a shift in the accessibility and acceptance of cryptocurrency services within the UK’s financial ecosystem.
| Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor. |
