Coinpass.com approved as registered cryptoassets firm
Coinpass.com recently announced that they have been approved as a registered cryptoassets firm with the UK Financial Conduct Authority.
Jeff Hancock, CEO of coinpass, commented: “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.
“We understand and fully support that to evolve the cryptocurrency market to be more inclusive and attractive to a larger number of users, we would require regulatory guidelines for exchanges and gateways. The UK is a financial hub for investment and fintech and it has the potential, under the FCA’s guidance, to be a world leader in cryptocurrency regulation.
“With this registration, I am exceptionally bullish on the future for crypto in the United Kingdom and proud of our achievement”.
Previously, UK investors and traders in the cryptocurrency market were exposed to potential money laundering, loss of funds and poor customer service by using offshore unregistered exchanges to invest in cryptocurrencies such as Bitcoin and Ethereum. Many UK banks have opposed cryptocurrency transactions from client accounts due to the jurisdiction of certain exchanges or the source of funds when trying to liquidate cryptoassets holdings.
The introduction of the mandatory registration by UK cryptoasset firms in adhering to Anti-Money Laundering guidelines, regulations and policies for offering cryptoasset helps to ensure strength and improvement in the cryptocurrency eco-system for UK investors.