With the way that the crypto market is going, it is safe to predict that a lot of people are going to try their luck at it. But with the increased demand of cryptocurrencies throughout the market, investors will need more exchanges to help them trade. Therefore, traders in the UK will be happy to know that Coinpass is now an official exchange.
Unlike other international exchanges, Coinpass has registered itself as a crypto-asset business with the Financial Conduct Authority in the UK. By finally being accepted as one of the first few registered crypto asset firms, people can now trade confidently.
The firm’s management team also talked about them finally registering with the FCA. They said that they have always believed in regulation, especially when it pertains to the crypto field. They further added that the regulation is essential for crypto exchanges, as they interact with more traditional world of finance. They finished off their statement by saying that by registering with the FCA, they are now even closer to realizing their dreams.
The CEO of Coinpass, Jeff Hancock, also talked about his company recently registering with the FCA. He said that he is very pleased and honored to be one of the few crypto exchanges based in the UK, to register with the FCA. He further continues that it is necessary for the crypto market to embrace regulation if it is to evolve. So, his company will have to work together with these regulatory bodies to improve the market.
Hancock further talks about how the UK is a fintech and investment financial hub. Therefore, with these qualities alone, the UK is more than capable of leading the world in crypto regulation. Finally he concluded his statement by saying that he is proud of their achievement. Their action is a landmark move in the crypto market.
Of course, the FCA’s intervention was necessary, given the serious problems that traders were facing throughout the market. They would either get caught up in money laundering schemes, or they might lose funds from any number of scams. This negatively impacts clients who are just looking to invest in crypto.
In order to ensure that these issues are kept at bay, many banks have even stopped processing certain transactions. These transactions might be out the financial institution’s jurisdiction, or the source of funds is suspicious. The FCA regulation program aims to reduce the money laundering, scams, and lack of knowledge among traders. All in all, their new initiative has proven to already be quite effective.