Key Points:
According to an update on the FCA’s crypto registry, Bitstamp UK Ltd received regulatory clearance on June 13. It was the second company to get clearance in two days. Before, the regular has not given a thumbs up to any cryptocurrency businesses since December.
According to a source close to the regulator, the FCA has received over 300 applications from crypto companies for registration under its money-laundering laws since it began evaluating organizations on January 10, 2020.
Not just Bitstamp but also online brokerage business Interactive Brokers has recently joined this list. The FCA now has over 40 businesses on its record, which enterprises have found difficult to get access to. Bitstamp CEO Jean-Baptiste Graftieaux said in a statement:
“With mainstream adoption continuing to be our goal, Bitstamp is establishing itself as a driving force in advocating that increased regulation is key to this journey.”
To operate in the UK, crypto companies must pass the City watchdog’s anti-money laundering tests, and the digital assets community has been waiting for the FCA to ease off.
Companies that want to conduct business in the nation must register with the FCA and follow its anti-money laundering regulations. A financial measure now being considered in Parliament would give the agency new authority to regulate cryptocurrency.
Although the UK government has promoted London as a crypto center, the regulatory approvals procedure has been criticized as lengthy and unduly cautious, with just 15% of applications passing the watchdog’s inspection.
Julian Sawyer, the co-founder of Starling Bank, ran Bitstamp, the world’s sixth-largest crypto exchange, until his resignation in May 2022 due to boardroom issues. Bitstamp now has 52 licenses and registrations worldwide, strengthening its position as one of the safest and legal crypto exchanges in the industry.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Miami, Florida, 5th November 2024, Chainwire
Want to learn about Bitcoin and Chainlink's prices? See why BlockDAG with its X1 app…
New ATH for Bitcoin’s average hashrate, combined with Bitcoin mining difficulty surpassing 100 trillion hashes,…
Bitcoin's price rose 3% to $70,200, influenced by excitement surrounding the US presidential election.
NY, United States of America, 5th November 2024, Chainwire
This Coincu's article presents a curated list of the top DePIN crypto projects with airdrop…
This website uses cookies.