The Financial Conduct Authority (FCA), the U.K.'s financial regulator, has approved cryptocurrency exchange Coinpass to operate as a cryptocurrency firm, according to a press release issued Wednesday. This makes Coinpass among the first U.K.-based cryptocurrency exchanges to fully register with the FCA, Details on the FCA's website indicate that the company was officially registered on August 26, and is based in West Sussex.
In announcing the regulatory approval, Coinpass' management team said it has always believed in adhering to the regulation of parts of the cryptocurrency ecosystem that interface with the traditional world of finance.
"We're exceptionally pleased to be among one of the first UK based cryptocurrency Trading Exchanges for retail investors and businesses to be fully registered with the Financial Conduct Authority as a crypto-asset firm," he added.
Since January 2020, the Financial Conduct Authority has been tasked with overseeing money laundering compliance for the cryptocurrency industry in the UK. At the time, the FCA kicked off a registration scheme for cryptocurrency firms with an initial deadline of one year, but Amid a backlog of license applications,the FCA extended the application deadline for TRR from July 9, 2021, until March 2022, for firms whose applications have not yet been approved to allow them to continue operating.
According to the Coinpass executive, proper guidance from the regulator could see the country become a global leader in the cryptocurrency regulatory space and make the UK a financial hub for fintech and cryptocurrency as well.