The UK reinforces its commitment to cryptocurrency innovation with Coinbase's approval to offer crypto services nationwide.
FCA Approval for Coinbase
Coinbase has received approval from the UK Financial Conduct Authority (FCA) to provide cryptocurrency services. This permits Coinbase to offer services like crypto trading and custody for both individual and institutional investors.
Challenges and Successes for Coinbase in the UK
Since 2018, CBPL has been an approved e-money institution but has faced regulatory challenges. In 2020, the company committed to increased oversight but later violated these limits, resulting in a £3.5 million penalty. FCA approval came after meeting regulatory standards.
Impact and Future Plans for Coinbase
FCA's approval opens doors for increased accessibility of cryptocurrencies within the UK's financial system. Daniel Seifert, EMEA Vice President, emphasized that technologies like stablecoins are beginning to revolutionize traditional financial transactions.
FCA approval for Coinbase underscores the growing importance of crypto assets and innovation within the UK's economy.
