Bitstamp Registers with the UK’s FCA
- The FCA had not accepted any crypto asset firms since Hidden Road’s registration in December.
- Bitstamp joins businesses like TP ICAP, Revolut, Gemini, Kraken, and eToro on the list of registered companies.
- Crypto companies must pass the FCA’s anti-money laundering checks in order to operate in the UK.
- The regulatory approval procedure in the UK has come under fire for its slow and conservative methods.
Crypto exchange Bitstamp has joined the list of crypto firms registered with the UK’s Financial Conduct Authority. Bitstamp U.K. Limited and Interactive Brokers are the first companies to be registered with the FCA in about six months, bringing the total number of registered companies to 42.
The FCA started accepting applications for registration under its money-laundering regulations in January 2020. However, crypto companies found it difficult to complete the regulator’s requirements before the deadline of March 31, 2022.
Bitstamp has worked hard to ensure compliance with regulatory bodies in different regions. The crypto exchange was registered in France earlier this year and is already approved by regulators in Spain and Italy.
Bitstamp currently has 52 licenses and registrations. The company’s CEO, Jean-Baptiste Graftieaux, said Bitstamp is focused on mainstream adoption and that “establishing itself as a driving force in advocating that increased regulation is key to this journey.”
Bitstamp said in a blog post,
The achievement acknowledges Bitstamp for our constant and unwavering commitment to operating at the highest standard. It additionally confirms that our platform offers compliant and secure access to cryptocurrencies in the UK, in accordance with the strict requirements set forth by the FCA.
Crypto service providers in the U.K. must be registered with the FCA or have been given temporary permission to operate. The FCA has increased its oversight of the crypto industry this year, ensuring that digital service providers comply with laid-down rules. The FCA gave a “shut down or face further action” order to local crypto ATM providers and issued an order to Binance Markets Limited to halt its activities in the UK.
The UK Plans to be a Crypto Hub
The UK plans to be a major hub for digital assets. So, lawmakers in the UK are focused on developing crypto-focused policies that will integrate cryptocurrencies into the nation’s financial services and also encourage innovation.
Interestingly, the UK could possibly have a clearer regulatory environment with the launch of its Financial Services and Markets Bill, which is currently making its way through Parliament. The bill is slated to lay the legal groundwork for the inclusion of stablecoins and crypto assets in financial services regulation, expanding the FCA’s authority.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
