Coinpass, a cryptocurrency exchange platform, announced on Tuesday that it had received approval from the UK Financial Conduct Authority (FCA) to operate as a cryptoasset firm. According to the press release, the registration with the Reference Number 921481 allows the company to run crypto-related businesses in the United Kingdom.
The announcement comes one month approximately after the exchange launched its trading platform Coinpass Trade. “We’re exceptionally pleased to be among one of the first UK-based cryptocurrency Trading Exchanges for retail investors and businesses to be fully registered with the Financial Conduct Authority as a crypto-asset firm. We understand and fully support that to evolve the cryptocurrency market to be more inclusive and attractive to a larger number of users, we would require regulatory guidelines for exchanges and gateways,” Jeff Hancock, Coinpass CEO, commented on the UK FCA’s license.
Furthermore, the executive is optimistic about the future of cryptocurrencies in the country because the UK has ‘the potential’ to be a world leader in terms of crypto regulation under the FCA’s rulings. “The introduction of the mandatory registration by UK cryptoasset firms in adhering to Anti-Money Laundering guidelines, regulation and policies for offering cryptoasset will ensure strength and improvement in the cryptocurrency eco-system for UK investors,” the firm added in the announcement.
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Crypto Firms Reluctant to Register before the FCA
Although the FCA’s licensing of Coinpass could be taken as a positive note for the domestic digital assets industry, Finance Magnates recently reported that cryptocurrency companies have been dropping the United Kingdom as one of the preferred jurisdictions, as the number of withdrawals of the applications for regulatory registration has increased significantly.
The Financial Conduct Authority (FCA) mandated the registration of crypto businesses, but the approval process turned out to be extremely slow. Out of many submitted applications, the British regulator only gave the green light to six crypto firms, including the Winklevoss twins’ Gemini and Arca.