Coinbase has reached the registration of Virtual Asset Service Provider (VASP) in the United Kingdom.
On 3 February, Coinbase’s Chief Policy Officer Faryar Shirzad announced the development on social media platform X and said that this milestone makes the exchange the largest registered Vasp in the UK.
He explained:
“Governments around the world embrace digital assets technology to update the financial system and to catalyze the economic empowerment. It is an exciting time to build and gratifying to have the UK take concrete steps to grow the crypto ecosystem at home. “
This step is an important milestone for legal for the stock market, given the VK Financial Conduct Authority (FCA), has rejected the most crypto-related registration applications in the past year.
The successful registration of Coinbase increases the total number of approved crypto platforms in the country to around 50.
Before this registration, the British activities of Coinbase were managed via CB Payments Ltd., a subsidiary that has been offering e-money services since 2018.
Now the company has the updated money laundering practices, terrorist financing and transfer of funds (information about the Payer) Regulations 2017 (MLRS) (MLRS) (MLRS) (MLRS) (MLRS) (MLRS) (MLRS) (MLRS) (MLRS) (MLRS) (MLRS) MLRS) (MLRS) (MLRS) (MLRS) (MLRS) (MLRS) (MLRS) (MLRS) (MLRS) (MLRs), has satisfied the money in the regulated crypto sector of the country.
With this approvalCoinbase can facilitate crypto and fiat transactions for British users. However, it is limited to operating automated systems that convert cryptocurrencies into cash and vice versa.
International expansion
The British registration of Coinbase comes only a few days after the company has obtained the approval of the National Securities Commission (CNV) of Argentina for Vasp registration.
Coinbase said these registrations are essential for the company’s international expansion strategy.
The company added that it was committed to cooperation with regulators in various areas of law to increase economic freedom and to promote a pro-tech and innovation agenda.
It added:
“Our mission is to get the next 1 billion people in crypto on board, while prioritizing security for customer assets and maintaining the highest compliance standards. The core thesis of Coinbase is that greater acceptance and the use of cryptocurrencies will increase economic freedom. “
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