Galaxy Digital's UK subsidiary has received approval from the Financial Conduct Authority (FCA) to execute derivatives trading, marking a significant step in expanding its presence in the digital asset market.
FCA Approval Expands Galaxy Digital
The FCA approval allows Galaxy Digital UK to legally conduct derivatives trading under the country's regulatory framework. The firm is now listed on the FCA's investment firms register, allowing it to offer MiFID investment services in the country. Galaxy Digital joined the FCA's crypto register in 2021, gaining recognition in the digital asset space. This new license could help the firm expand its financial services offerings in the UK market.
Investment Banking and Asset Management Plans
The firm plans to use the FCA authorization to provide capital raising and advisory services, alongside derivatives trading. Galaxy Digital UK also aims to support its asset management operations by managing fund distribution activities. Leon Marshall, CEO of Galaxy Europe and Global Head of Sales, highlighted the importance of the new license for the company's UK operations.
Crypto Firms Increasing Presence in the UK
Since the start of the year, the UK has become attractive for cryptocurrency companies looking to strengthen their market presence. Major firms such as Coinbase and Bitpanda have recently entered the market, and BlackRock was added to the FCA's crypto register. Kraken received authorization from the FCA to operate as an Electronic Money Institution, signaling the region's growing interest.
The FCA's approval for derivatives trading enhances Galaxy Digital's position in the UK and highlights the region's growing interest in cryptocurrencies and digital assets.
