A total of 200 crypto firms applied for the United Kingdom’s “crypto license,” but stringent requirements forced many to withdraw their applications. Uphold, a cryptocurrency trading platform based in the United States, has received approval from the United Kingdom’s Financial Conduct Authority (FCA).
According to the FCA website, Uphold’s U.K. subsidiary Uphold Europe Limited received regulatory approval on Thursday, joining a select group of 32 firms that have received FCA approval as Registered Crypto Asset service providers out of 200 applicants. The approval certifies that the company complies with UK anti-money laundering and counter-terrorist financing regulations.
To offer their services to UK-based customers, crypto exchanges and service providers must register with the FCA and follow existing anti-money laundering regulations. In 2022, the FCA granted three crypto licenses to eToro, Uphold, and Light Technology.
The United Kingdom’s Crypto Asset Firm Registration is regarded as one of the most stringent, with some of the world’s leading crypto exchanges, such as Binance, failing to obtain the license. Gemini, Genesis, Coinjar, and Robinhood are among the 32 companies that have been approved.
With the approval, Uphold intends to broaden its service offerings to customers in the United Kingdom. The firm’s CEO believes the FCA approval demonstrates the company’s commitment to compliance and regulations. Uphold did not immediately respond to requests for comment from media outlets.
In terms of stringent crypto compliance requirements, the United Kingdom has emerged as one of the leading nations. Despite the fact that the crypto market is not formally regulated there, AML compliance and registration have made it one of the more difficult regulatory markets for crypto firms to enter.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
