Uphold, the European subsidiary of the United States-based crypto trading platform, has received approval from the United Kingdom's Financial Conduct Authority (FCA).
It has been reported that according to the FCA website, Uphold’s UK subsidiary Uphold Europe Limited gained regulatory approval on Thursday, joining the select list of 32 firms that have received FCA approval as Registered Crypto Asset service providers out of the 200 that applied.
However, the approval signifies that the firm is in compliance with the UK Anti-Money Laundering (AML) and Counter-Terrorist Financing regulations. For crypto exchanges and service providers to offer their services to UK-based customers, they must register with the FCA and comply with the existing Anti-Money Laundering rules.
The report said that the FCA has granted three crypto licenses to eToro, Uphold, and Light Technology in 2022. The UK’s Crypto Asset Firm Registration is considered one of the most stringent, as some of the leading global crypto exchanges such as Binance have failed to secure the license. The 32 approved include major names like Gemini, Genesis, Coinjar, and Robinhood. With the approval, Uphold aims to expand its range of services to UK customers.
The CEO of the firm believes the FCA approval highlights its commitment to compliance and regulations. The UK has emerged as one of the leading nations in terms of strict crypto compliance requirements.
Thus, even though the crypto market is not formally regulated there, AML compliance and registration have made it one of the tougher regulatory markets to crack for crypto firms.
Source: Cointelegraph