Bitstamp Is The Newest Company To Get UK Crypto Approval As FCA First Additions In 6 Months

Key Points:

• Bitstamp received approval from the UK’s financial authority today and has increased its investment in the country amid a regulatory crackdown.
• The company is the 42nd in the UK to get the stamp of approval.
• In the UK, cryptocurrency enterprises are presently controlled on the basis of money laundering and terrorism funding.

Bitstamp, a cryptocurrency exchange, has been allowed onto the United Kingdom’s crypto register, becoming the Financial Conduct Authority’s first addition to the list in six months.

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.

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Harold

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