The UK arm of cryptocurrency exchange, Bitstamp, has
been registered by the Financial Conduct Authority (FCA) as one of the digital asset
exchanges that comply with the country’s anti-money laundering (AML) and counter-terrorism
financing (CTF) regulations. With the registration, Bitstamp UK can provide
services such keeping custody of crypto assets, facilitating fiat purchases of
cryptocurrencies and enabling cryptocurrency trading, the company
said in a statement.
The Luxembourg-based company’s registration brings the number of the registered crypto firms compliant with FCA’s AML/CTF regulations to
42. Moreover, the registration brings Bitstamp’s licenses and
registrations globally to 52.
Bitstamp is one of the digital
asset exchanges that has recently seen a significant expansion of its services
in the European market. Towards the end of 2022, Finance Magnates reported that
the company received a virtual asset service provider (VASP) registration
in Spain four months
after acquiring a similar approval in Italy.
The cryptocurrency exchange already operates in Luxembourg and the Netherlands. However, the approval in Spain enables it to expand the suite of services it offers which includes electronic custody
services.
Meanwhile, Interactive Brokers, a Nasdaq-traded company based in Connecticut, was also
added to FCA registry alongside Bitstamp. Interactive Brokers is a brokerage firm
that provides trading services in forex, stocks, options, fixed incomes, and
funds.
The UK Prepares Crypto Laws
The FCA’s registration of Bistamp and Nasdaq marks the first time in the past six months the British watchdog has added new companies to the AML/CFT regulations. The registrations come as the UK works to streamline its regulations for digital
assets. In February, His Majesty’s Treasury published a consultation paper
describing the risks related to the sector and the
opportunities that could be exploited.
Despite softening its stance on digital assets, the FCA continues to crackdown on cryptocurrency Automated Teller Machines (ATMs). In May, the regulator ordered the closure of three crypto ATMs operated in Exeter, Nottingham, and Sheffield, maintaining that crypto ATMs operating in the UK without a license are illegal.
CONSOB blacklists four;…
