Uphold gets approval from FCA to become a registered crypto-asset firm in U.K.

The Financial Conduct Authority or FCA of the United Kingdom has given its license to the European subsidiary of the crypto trading platform based in the United States, Uphold.

As per the FCA website, Uphold Europe Limited, Uphold’s U.K. subsidiary, earned regulatory clearance on Thursday, entering a limited group of 32 firms out of 200 that filed for FCA recognition as Registered Crypto Asset Service Providers. The approval confirms that the company complies with U.K. anti-money laundering (AML) and counter-terrorist financing laws.

FCA already awarded three crypto licenses this year

To offer their services to UK-based customers, it is mandatory for crypto exchanges and service providers to register themselves with the FCA and follow existing anti-money laundering regulations. As 2022 started, the agency has already awarded three crypto licenses to eToro, Uphold, and Light Technology.

The Crypto Asset Firm Registration in the United Kingdom is one of the most stringent, with some of the world’s largest crypto exchanges, such as Binance, failing to obtain the license. Major brands including Gemini, Genesis, Coinjar, and Robinhood are among the 32 that have been accepted. In December, the largest crypto exchange by market cap, Binance, also indicated that it is looking to become a registered U.K. firm in the coming days.

With the clearance, Uphold will be able to offer additional 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 rigorous crypto compliance regulations, the United Kingdom has emerged as a leader. It has recently decided to impose a digital services tax on crypto exchange platforms. Despite the fact that the crypto market is not legally regulated there, AML compliance and registration have made it one of the most difficult regulatory environments for crypto firms to get into.