Coinbase has received regulatory approval from the United Kingdom’s Financial Conduct Authority (FCA) to provide cryptocurrency services throughout the country.

The approval permits Coinbase to operate cryptocurrency-related services, including trading and custody, for both retail and institutional investors. This development follows the company’s compliance with the FCA’s regulatory requirements. This makes Coinbase the largest registered digital assets provider in the UK.

The approval follows a registration and authorisation process.

Cryptocurrencies have faced difficulty obtaining institutional inclusion or approval in the past due to the volatile nature of the currency. The approval may impact the accessibility and perception of cryptocurrency services in the United Kingdom’s financial ecosystem.

Speaking on the announcement, UK CEO Keith Grose commented: “This is a critical registration to cement our strong position in the UK and unlock our ambitious expansion plans.

“Our mission is to onboard the next 1 billion people into crypto while prioritising security for customer assets and maintaining the highest standards of compliance. Coinbase’s core thesis is that greater adoption and use of cryptocurrencies will increase economic freedom, and achieving our VASP in the UK furthers this belief.”

EMEA Vice President Daniel Seifert added: “This game-changing technology is set to bring remarkable rewards, spurring jobs, growth, and investment throughout the UK. We at Coinbase are genuinely excited to be part of the UK’s incredible journey and the amazing opportunities this new era of tech growth offers.

“We’re already seeing groundbreaking technologies such as stablecoins being used by traditional financial players to revolutionise payments. This is possible thanks to the welcoming environment for the web3 and crypto asset industry created by the UK government.”

Photo by Sean Pollock on Unsplash