Coinpass offers its services to retail and institutional investors.
The Financial Conduct Authority( FCA), the UK’s financial regulator, has approved cryptocurrency exchange platform Coinpass as a registered cryptocurrency company, according to a press release on Wednesday.
Details on the FCA website indicate that the company was officially registered on August 26 and is based in West Sussex. The site also states that Coinpass complies with money laundering regulations.
The company’s CEO, Jeff Hancock, acknowledged the importance of regulating Coinpass, noting that this move opens up the exchange platform to more users and is key to making the market more inclusive.
“We are exceptionally pleased to be among one of the first UK-based cryptocurrency exchange platforms for retail investors and businesses to be fully registered with the Financial Conduct Authority as a cryptocurrency company “, he added.
According to the Coinpass executive, proper guidance from the regulator could see the country become a global leader in the cryptocurrency regulatory space.
He also noted that the FCA plays a crucial role in the growing attractiveness of the UK as a “financial hub for investment and fintech”.
Coinpass now joins a small group of cryptocurrency exchange platforms, brokerage firms and cryptocurrency-focused businesses that have applied for and received the FCA seal of approval. These companies and suppliers have the necessary licence to operate in the UK, under the supervision of the regulator.
Prior to receiving the regulatory green light, Coinpass was among several active crypto companies listed as operating under temporary FCA registration status. The temporary registration regime (TRR) is the green light given by the UK regulator to cryptocurrency companies, allowing them to operate while the watchdog finalizes the assessment of applications.
In June, the FCA announced an extension of the time within which companies could continue to operate under the TRR agreement, moving the deadline from July 9 this year to March 31, 2022.