Coinbase, one of the world’s most popular crypto platforms, has just scored a major win in the UK. They’ve officially received their VASP (Virtual Asset Service Provider) registration from the Financial Conduct Authority (FCA) making it the largest crypto exchange in the UK with the ability to offer both cryptocurrency and cash services to investors and traders in the country.
Coinbase Obtains VASP Approval In UK
With this green light, Coinbase can now legally offer both crypto and fiat services to UK users. However, the UK is Coinbase’s biggest international market and this achievement is no small feat, as only 14% of applicants manage to get approval from the FCA.
Keith Grose, the CEO of Coinbase UK, mentioned that this approval opens new channels for Coinbase to introduce innovative products and services to its UK customers.
Meanwhile, the company spent the last six months working tirelessly to meet the regulatory requirements needed to get the green light.
Previously, Coinbase had a presence in the UK through its subsidiary, CB Payments Ltd. (CBPL), which had been offering e-money services since 2018.
No Third Party Approval Required
Gaining this spot on the FCA’s register also allows Coinbase to directly communicate with the FCA regarding its operations and plans. No more waiting for third-party approvals—this makes everything faster and smoother.
This puts Coinbase in a great spot to grow in the UK. They might even roll out cool new features like staking and stablecoin services soon.
Daniel Seifert, Coinbase’s Vice President for Europe, is thrilled. He said, “This tech is going to bring big rewards—creating jobs, growth, and investment across the UK. We’re excited to be part of the UK’s journey and the amazing opportunities this new tech era brings.”
Crypto Adoption Surge In UK
2024 has been a huge year for crypto worldwide, and the UK is right in the mix. In the UK, crypto ownership has jumped from 10% to 12% in just a year. That means around 8.8 million adults now own crypto. Across Europe, including the UK, a whopping 65 million people are part of the crypto wave.
However, Coinbase’s big move is getting its VASP registration in the UK—is set to bring even more people into crypto.
