HomeNewsFinancial Regulator in the UK temporarily approves 5 crypto exchanges

Financial Regulator in the UK temporarily approves 5 crypto exchanges

The top financial regulator of the UK has recently approved 5 crypto exchanges for operation in the country, temporarily. The authority updated its list of crypto-asset firms last week.

As of now, the list contains five names: Cex.io Ltd., Copper Technologies (UK) Ltd., Globalblock Ltd., Revolut Ltd., and Moneybrain Ltd.

Previously, FCA or Financial Conduct Authority had extended the registration deadline for some crypto firms. This is to ensure that they comply with the regulatory requirements. At that time, the list consisted of 12 names, with FCA saying that those firms not on this list cannot continue their operations after April 1.

In total, the financial regulator has registered 33 firms. A spokesperson for the FCA commented on the ongoing registration process:

“We have been reviewing crypto-asset firms’ applications to ensure they meet the minimum standards we expect that those who run these firms are fit and proper and that they have adequate systems to identify and prevent flows of money from crime.”

The UK is trying to make its country the global hub for crypto. Last week, its government released a detailed plan stating to make their country a “hospitable place for crypto.”

Besides releasing the plan, the government has also made some steps in that direction. Recently, the government has decided to regulate stablecoins. Also, the Chancellor of the exchequer, Rishi Sunak, asked the Royal Mint to develop a non-fungible token (NFT). The government expects it to launch in the summer.

On this, Sunak said:

“It’s my ambition to make the U.K. a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate, and scale up in this country.”

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