Coinbase, one of the leading cryptocurrency exchanges, has achieved Virtual Asset Service Provider (VASP) registration in the United Kingdom. This milestone was announced by Coinbase’s Chief Policy Officer Faryar Shirzad on Feb. 3, making the exchange the largest registered VASP in the UK.
In a statement shared on social media platform X, Shirzad highlighted the importance of governments embracing digital asset technology to modernize the financial system and drive economic empowerment. He expressed his excitement about the UK taking concrete steps to grow the crypto ecosystem within the country.
This regulatory approval is significant for Coinbase, especially considering that the UK’s Financial Conduct Authority (FCA) has rejected the majority of crypto-related registration applications over the past year. With this registration, Coinbase joins approximately 50 approved crypto platforms operating in the country.
Prior to this registration, Coinbase’s UK operations were managed through its subsidiary CB Payments Ltd., which has been providing e-money services since 2018. By meeting the updated Money Laundering, Terrorist Financing, and Transfer of Funds Regulations, Coinbase solidifies its position within the regulated crypto sector in the UK.
With this approval, Coinbase is now able to facilitate both crypto and fiat transactions for users in the UK. However, the exchange is restricted from operating automated systems that convert cryptocurrencies to cash and vice versa.
Coinbase’s UK registration comes shortly after the company secured approval from Argentina’s National Securities Commission for VASP registration. These registrations are part of Coinbase’s international expansion strategy, as the company aims to onboard the next billion people into the world of crypto.
By partnering with regulators across jurisdictions, Coinbase is committed to increasing economic freedom and promoting a pro-tech and innovation agenda. The company’s core thesis revolves around the belief that greater adoption and use of cryptocurrencies will lead to increased economic freedom for individuals.
Overall, Coinbase’s successful registration as a VASP in the UK is a significant achievement that paves the way for the exchange to expand its services and reach a wider audience in the country. With a focus on compliance, security, and innovation, Coinbase is well-positioned to play a key role in shaping the future of the crypto industry worldwide.