The world's longest-running crypto exchange, Bitstamp, has recently secured registration with the United Kingdom's Financial Services Authority (FCA) to offer crypto asset services in the country.
In an official press release, Bitstamp revealed that it is the first crypto company to get registered by the financial regulator since the UK government's move to strengthen its oversight of crypto activities earlier on February 1, 2023.
Since the cryptocurrency market is still considered highly unregulated and a high-risk investment in the UK, crypto firms operating in the country must either be registered with the FCA or obtain a temporary license from the regulator.
Recall that the FCA had previously banned Binance from offering crypto services and products to UK customers due to a lack of registration. The financial regulator had also ordered local crypto ATM operators to shut down their services or face legal action.
By acquiring this registration, Bitstamp has been recognized by the FCA as operating under the highest compliance standards required by the regulatory watchdog for financial institutions.
Speaking on the latest feat, the Global CEO of Bitstamp, Jean-Baptiste Graftieaux said, "We are proud to be one of a very small number of crypto exchanges being recognised by the FCA as providing the gold standard in crypto compliance to customers in the UK…This latest registration in the UK supports our mission to be the most compliant, secure, and transparent crypto exchange for both individuals and businesses."
The firm noted that this registration with the FCA is part of its rapidly growing Virtual Asset Service Provider (VASP) regulatory footprint in Europe.
Bitstamp has already obtained VASP licenses in three of the largest crypto markets in Europe over the past year. The company registered in Italy and Spain last year, and obtained registration in France in February 2023.
The latest successful registration brings Bitstamp's global licenses and regulations to a total of 54, making it one of the most secure and compliant actors on the global market.
"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," Graftieaux added.
The latest registration with the FCA now allows Bitstamp to offer custody of crypto assets, the purchase or sale of crypto assets in legal tender; and the trading of crypto assets against other crypto assets.
With Bitstamp joining the FCA's list, the number of registered crypto firms in compliance with Anti-Money Laundering and Combating the Financing of Terrorism requirements in the UK has now risen to 42.
Bitstamp's UK registration comes amid a massive crackdown on crypto firms in the United States, with Binance and Coinbase bearing the brunt of the attack by financial regulators.
With the regulatory landscape in the U.S. becoming more unfriendly to crypto firms, the UK government is taking the advantage to intensify its efforts to become a global crypto hub. UK lawmakers have been formulating a comprehensive regulatory framework geared toward giving the crypto space a more prominent role in the country’s financial sector while encouraging innovation.
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