UK Government Gathers Feedback as FCA Publishes List of 42 Crypto Businesses
Bitstamp, a cryptocurrency exchange operating in the United Kingdom, has received official authorization from the Financial Conduct Authority (FCA).
After the Financial Conduct Authority (FCA) added Hidden Road Partners and MoonPay around six months ago in December 2022, Bitstamp U.K. Limited and Interactive Brokers Limited have now become the first companies to join the list of registered organizations in the U.K. as of June 13th.
UK Welcomes Crypto Firms
The Financial Conduct Authority (FCA) recently released a list of 42 cryptocurrency businesses that meet the requirements for anti-money laundering (AML) and counter-terrorist financing (CTF) compliance. Bitstamp, as an organization, has obtained a total of 52 registrations and licenses worldwide. This recognition indicates that Bitstamp is now subject to the same regulations regarding AML and CTF as traditional financial institutions.
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Bitstamp has received approval from the Financial Conduct Authority (FCA) for meeting high standards to operate in the UK. This exciting news ensures that customers in the UK can safely and legally access their cryptocurrency through Bitstamp’s services.
To engage in cryptocurrency-related activities in the United Kingdom, businesses must either be registered with the Financial Conduct Authority (FCA) or have received provisional status from the FCA. The banking regulator has already issued orders to local crypto ATM providers, instructing them to shut down operations or face additional consequences. Previously, the FCA had also directed Binance Markets Limited to halt its activities in the UK.
During a shareholder conference call in May, Ripple, a blockchain payments company, announced its acquisition of a minority stake in Bitstamp in the first quarter of 2023. The aim of this move is to enhance the position of cryptocurrencies in the United Kingdom’s financial services industry. In line with this objective, lawmakers in the country have put forth a proposal for a comprehensive regulatory framework for crypto-assets. The goal of this framework is to encourage innovation in the field of cryptocurrencies.
Additionally, it appears that the government is currently gathering opinions and suggestions from various sources regarding the framework consultation document. They are engaging in discussions and deliberations to determine future actions and measures related to the proposed regulations.
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Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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