The UK arm of cryptocurrency exchange, Bitstamp, has been registered by the Financial Conduct Authority (FCA) as one of the digital asset exchanges that comply with the country’s anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. With the registration, Bitstamp UK can provide services, such as keeping custody of crypto assets, facilitating fiat purchases of cryptocurrencies and enabling cryptocurrency trading, the company said in a statement.
FCA Registers 42 Crypto Firms
The Luxembourg-based company's registration increases the number of registered crypto firms compliant with FCA's AML/CTF regulations to 42. Moreover, the registration has raised Bitstamp’s licenses and registrations globally to 52.
Bitstamp is one of the digital asset exchanges that has considerably expanded its services in the European market recently. Towards the end of 2022, Finance Magnates reported thatthe company received a virtual asset service provider (VASP) registration in Spain four months after acquiring similar approval in Italy.
The cryptocurrency exchange already operates in Luxembourg and the Netherlands. However, the approval in Spain enables it to expand the suite of services it offers which includes electronic custody services.
Meanwhile, Interactive Brokers, a Nasdaq-traded company based in Connecticut, was added to the FCA's registry alongside Bitstamp. Interactive Brokers as a brokerage firm provides trading services in forex, stocks, options, fixed incomes, and funds.
The UK Prepares Crypto Laws
The FCA's registration of Bitstamp and Nasdaq marks the first time in the past six months the British watchdog has added new companies to the AML/CFT regulations. The registrations come as the UK works towards streamlining its regulations for digital assets. In February, His Majesty’s Treasury published a consultation paper describing the risks related to the sector and the opportunities that could be exploited.
Despite softening its stance on digital assets, the FCA is escalating its crackdown on cryptocurrency Automated Teller Machines (ATMs). In May, the regulator ordered the closure of three crypto ATMs operating in Exeter, Nottingham, and Sheffield. Furthermore, it maintained that crypto ATMs operating in the UK without a license are illegal.
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This article was written by Jared Kirui at www.financemagnates.com.
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