Coinbase, the crypto asset trading platform, has secured VASP registration in the UK from the Financial Conduct Authority (FCA), enabling it to offer crypto and fiat services in the UK.
This VASP registration marks an important step in the crypto platform’s international expansion strategy, and now makes Coinbase the largest registered digital assets player in the UK, which is the largest of its international markets.
The news comes after crypto adoption in the UK surged from 10 per cent to 12 per cent year-on-year, with approximately 8.8 million adults now owning crypto. Across Europe, including the UK, 65 million people own crypto – stats which Coinbase says act as a testament to crypto’s emergence as the future of money, driving a fairer, cheaper, faster financial system.
Keith Grose, UK CEO at Coinbase
“This is a critical registration to cement our strong position in the UK and unlock our ambitious expansion plans,” explained Keith Grose, UK CEO at Coinbase. “Our mission is to onboard the next one billion people into crypto while prioritising security for customer assets and maintaining the highest standards of compliance. Coinbase’s core thesis is that greater adoption and use of cryptocurrencies will increase economic freedom, and achieving our VASP in the UK furthers this belief.”
Coinbase plans to continue partnering with regulators across various jurisdictions to increase economic freedom, as well as working with policy-makers to promote a pro-tech and innovation agenda.
Daniel Seifert, VP, EMEA, also added: “We at Coinbase are genuinely excited to be part of the UK’s incredible journey and the amazing opportunities this new era of tech growth offers. We’re already seeing groundbreaking technologies such as stablecoins being used by traditional financial players to revolutionise payments. This is possible thanks to the welcoming environment for the web3 and crypto asset industry created by the UK government.”
2024 was a landmark year for the crypto industry. Bitcoin has continued to reach all-time highs, while legislative advancements reshaped public perception – increasing optimism surrounding crypto,.
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