The European subsidiary of the American cryptocurrency trading platform Uphold has been approved by the UK Financial Conduct Authority (FCA).
According to the FCA website, Uphold’s UK subsidiary Uphold Europe Limited received regulatory approval on February 17, 2022, joining a select list of 32 FCA-approved registered cryptocurrency asset service provider firms out of 200 applicants. Approval means that the firm complies with UK anti-money laundering and counter-terrorist financing regulations.
In order for cryptocurrency exchanges and service providers to offer their services to UK customers, they must register with the FCA and comply with existing anti-money laundering regulations. In 2022, the FCA issued three cryptocurrency licenses, including eToro, Uphold, and Light Technology.
Related: BitPanda Will Bring Cryptocurrency Custody With FCA-Approved Trustology Acquisition
The registration of a cryptocurrency asset firm in the UK is considered one of the most stringent, as some of the world’s leading cryptocurrency exchanges, such as Binance, have failed to provide it. Among the 32 approved companies are big names such as Gemini, Genesis, Coinjar and Robinhood.
Once approved, Uphold aims to expand its range of services to UK clients. The firm’s CEO believes the FCA approval highlights its commitment to regulatory compliance. Uphold did not immediately respond to Cointelegraph’s request for comment.
The UK has become one of the leading countries in terms of complying with strict cryptocurrency regulations. Although the crypto market is not formally regulated there, anti-money laundering compliance and registration has made it one of the most difficult regulatory markets for crypto companies.
The European subsidiary of the American cryptocurrency trading platform Uphold has been approved by the UK Financial Conduct Authority (FCA).
According to the FCA website, Uphold’s UK subsidiary Uphold Europe Limited received regulatory approval on February 17, 2022, joining a select list of 32 FCA-approved registered cryptocurrency asset service provider firms out of 200 applicants. Approval means that the firm complies with UK anti-money laundering and counter-terrorist financing regulations.
In order for cryptocurrency exchanges and service providers to offer their services to UK customers, they must register with the FCA and comply with existing anti-money laundering regulations. In 2022, the FCA issued three cryptocurrency licenses, including eToro, Uphold, and Light Technology.
Related: BitPanda Will Bring Cryptocurrency Custody With FCA-Approved Trustology Acquisition
The registration of a cryptocurrency asset firm in the UK is considered one of the most stringent, as some of the world’s leading cryptocurrency exchanges, such as Binance, have failed to provide it. Among the 32 approved companies are big names such as Gemini, Genesis, Coinjar and Robinhood.
Once approved, Uphold aims to expand its range of services to UK clients. The firm’s CEO believes the FCA approval highlights its commitment to regulatory compliance. Uphold did not immediately respond to Cointelegraph’s request for comment.
The UK has become one of the leading countries in terms of complying with strict cryptocurrency regulations. Although the crypto market is not formally regulated there, anti-money laundering compliance and registration has made it one of the most difficult regulatory markets for crypto companies.
