Crypto Exchange CoinJar Secures UK FCA Registration. CoinJar UK accedes an increasing roster of ten additional “crypto-asset entities” established in the UK, including Gemini Europe Ltd.
The U.K. affiliate of Australia’s longest-running crypto exchange has gained registration from the Financial Conduct Authority (FCA) in the United Kingdom and is seeking for a comparable licence in Australia.
CoinJar UK, situated in London, joins an increasing list of 10 other “crypto-asset entities” that include Gemini Europe Ltd.
Firms doing specified crypto operations in the UK must register with the Financial Conduct Authority (FCA) since last year under the country’s AML and counter-terrorist financing legislation.
Began in Australia in 2013, and moved to the UK a year later
According to a news statement issued on Wed, the exchange is also lobbying for the implementation of a comparable licence in Australia. In order to boost “corporate and consumer confidence” and oversee the industry’s operations.
CoinJar began in Australia in 2013. However, it moved to the UK a year later as “part of a worldwide expansion”. In order to avoid Australia’s Goods and Services Tax, which applied to cryptocurrency holders at the time.
The country’s crypto legislation has been patchy and chaotic, with digital assets just becoming a legal asset class in 2017.
Asher Tan, CEO of CoinJar, stated, “The United Kingdom is a world leader in fintech and a proactive regulator”. We hope that a similar program be duplicated here in Australia via ASIC and AUSTRAC with the formation of the UK-Australia Fintech bridge”.
“We intend to set the bar for best-practice self-regulation“
CoinJar UK Limited, a private limited company established in England and Wales, manages the CoinJar Digital Currency and Exchange Services. According to CoinJar’s Australia-based website, the exchange’s Australian affiliate is run by NPS Payment Services Pty Ltd., a connected business within the CoinJar group of enterprises.
“While we are eager, willing, and organised for cryptocurrency legislation in Australia. We intend to set the bar for best-practice self-regulation. By abiding by the spirit of the FCA requirements on home soil until full implementation takes place”, Tan said.