The UK's financial regulator has approved Galaxy Digital to offer derivatives services, signifying ongoing growth in the regional crypto industry.
Galaxy Digital Licensing
Galaxy Digital, led by Michael Novogratz, has been licensed by the UK's Financial Conduct Authority (FCA) to trade derivatives. This allows their London entity to provide financial services adhering to advanced regulatory standards.
UK Market and Crypto Assets
The UK is considered one of the most favorable regions for cryptocurrency companies to operate. According to recent data, around 7 million adults in the UK are actively involved in digital assets. Galaxy Digital's achievement signals the potential for rapid growth for companies opting to operate under this jurisdiction.
Expert Opinions and Market Conditions
The Global Head of Sales and CEO of Galaxy Digital Europe, Leon Marshall, emphasized the importance of obtaining the license. He pointed out that this is a step towards the company's global expansion. The market remains volatile, with the crypto fear index at 24 out of 100, and increased trading volumes suggest heightened bearish sentiments.
Galaxy Digital's licensing by the FCA confirms the UK's role as a financial hub and its commitment to creating a stable and forward-thinking regulatory environment for digital assets.
