Home News Uphold becomes registered crypto-asset firm in UK post-FCA approval

Uphold becomes registered crypto-asset firm in UK post-FCA approval

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The Financial Conduct Authority of the United Kingdom has approved a European subsidiary of Uphold, a crypto trading platform based in the United States (FCA).

In fact, according to the FCA website, Uphold Europe Limited, Uphold’s U.K. subsidiary, earned regulatory clearance on Thursday. Joining a restricted group of 32 organisations out of 200. That filed for FCA authorisation as Registered Crypto Asset service providers. Moreover, the authorisation confirms that the company complies with the UK’s anti-money laundering and counter-terrorist financing laws.

FCA Registered Crypto Asset firms. Source: FCA

Additionally, to sell their services to customers in the United Kingdom, crypto exchanges and service providers must register with the Financial Conduct Authority (FCA) and follow existing anti-money laundering regulations. eToro, Uphold, and Light Technology have all acquired crypto licences by the FCA for 2022.

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The Crypto Asset Firm Registration in the United Kingdom is one of the most severe. With some of the world’s largest crypto exchanges, such as Binance, failing to obtain the licence. Major brands including Gemini, Genesis, Coinjar, and Robinhood are among the 32 that have acquired acceptance.

With the clearance, Uphold will be able to offer more services to clients in the United Kingdom. The firm’s CEO says the FCA approval demonstrates the company’s dedication to compliance and rules.

In terms of stringent crypto compliance regulations, the United Kingdom has emerged as a leader. Despite the fact that the crypto market not legally regulated there, AML compliance and registration have made it one of the most difficult regulatory environments for crypto enterprises to get into.

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