After securing the Financial Conduct Authority (FCA) register, Crypto Exchange Coinbase (Coin) became the largest crypto exchange operated in the UK, allowing it to provide crypto services within the country for the first time.
Coinbase UK CEO Keith Gross said in an interview that “opens up new channels and opens up the ability to launch new products and services.”
Coinbase has been working towards Monday’s approval for the past six months, Grose said. By becoming a registered company, Coinbase can provide both investors and traders for Crypto and Cashfor in the UK
It is difficult to win spots on the register, with only 14% of applicants being successful.
Coinbase was already present in the UK through a subsidiary of CB Payments Ltd. It has been offering electronic money services since 2018. The London-based unit did not directly provide cryptocurrency services, but acted as a gateway for customers to trade crypto with entities. Within the Coinbase Group.
“Our new UK VASP registration means that CBPL can not only continue to provide Fiat services to its customers, but also provide crypto services,” a Coinbase spokesperson said.
Also, Coinbase is necessary in advance so you can talk directly to the FCA about its communications and plans without relying on third-party approvers.
“We are excited to talk about staking, the future of UK stubcoin, and things like being a registered (virtual asset service provider),” Grose said next to the FCA. It said it implies a cryptographic system.
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