The registered companies list in the UK recently added two new companies: Bitstamp UK Limited and Interactive Brokers Limited.
They are among the first organizations to join since the Financial Conduct Authority (FCA) said Hidden Road Partners and MoonPay in December 2022.
Bitstamp UK limited: Regulatory approval for cryptocurrency registration
Bitstamp UK Limited received regulatory approval on June 13 for its cryptocurrency registration, becoming the second company after Interactive Investors (UK).
The FCA had not authorized any crypto companies since December before these current licenses. To operate in the UK, crypto firms must pass the FCA’s strict anti-money laundering tests.
The community of digital assets has been waiting for signs that the FCA will be more lenient with restrictions. UK promotes London as Bitcoin hub, but critics criticize slow regulatory licensing process.
Only 15% of applications have passed the FCA’s inspection, creating a perception of a challenging regulatory environment. The FCA has instructed local crypto ATM providers to cease operations or face additional penalties. Additionally, it has ordered Binance Markets Limited to suspend its UK operations.
Bitstamp’s formal authorization supports the UK’s goal to become a global center for cryptocurrencies and fintech growth. The goal is outlined in the All-Party Parliamentary Group (APPG) report.
The report emphasizes the importance of solid regulatory measures to protect consumers. It also aims to maintain the UK’s leadership in the sector. On June 13, the US and the UK held congressional hearings on monitoring digital assets, which marked a significant turning point in the ongoing discussions.
The UK Parliament discussed the results of the Crypto and Digital Assets APPG study, which highlighted the need for cryptocurrency regulations. The House Committee on Financial Services in the US conducted a hearing on “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem.” The hearing aimed to raise awareness of digital assets, their potential benefits and drawbacks, and the role of government in regulating them.
