UK FCA Grants Full Approval to Coinpass as Crypto Business

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 Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term 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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term 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.

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.