tl;dr
Coinbase has achieved Virtual Asset Service Provider (VASP) registration in the United Kingdom, making it the largest registered VASP in the UK. This milestone secures the company's position in the country's regulated crypto sector, allowing it to facilitate crypto and fiat transactions for UK users...
Coinbase has achieved Virtual Asset Service Provider (VASP) registration in the United Kingdom, making it the largest registered VASP in the UK. This milestone secures the company's position in the country's regulated crypto sector, allowing it to facilitate crypto and fiat transactions for UK users.
The registration comes after the UK's Financial Conduct Authority rejected most crypto-related registration applications in the past year. Additionally, Coinbase recently secured approval for VASP registration in Argentina, emphasizing its international expansion strategy and commitment to partnering with regulators across jurisdictions to promote economic freedom and innovation.
Faryar Shirzad, Coinbase's Chief Policy Officer, expressed that this move is a significant regulatory milestone for the exchange, given the FCA's previous rejections. Coinbase's successful registration raises the total number of approved crypto platforms in the country to approximately 50.
Before this registration, Coinbase’s UK operations were managed through a subsidiary providing e-money services. With this approval, Coinbase can facilitate crypto and fiat transactions for UK users, although it is restricted from operating automated systems that convert cryptocurrencies to cash and vice versa.
Coinbase’s UK registration comes just days after the company secured approval from Argentina’s National Securities Commission for VASP registration. The company emphasized that these registrations are essential to its international expansion strategy, dedicated to partnering with regulators across jurisdictions to increase economic freedom and promote a pro-tech and innovation agenda.
Coinbase's core thesis is focused on greater adoption and use of cryptocurrencies to increase economic freedom, while prioritizing security for customer assets and maintaining the highest standards of compliance.