Coinbase Achieves VASP Registration in the UK
Recently, Coinbase has successfully achieved Virtual Asset Service Provider (VASP) registration in the United Kingdom, making it the largest registered VASP in the country. This milestone was announced by Coinbase’s Chief Policy Officer Faryar Shirzad on social media platform X.
Regulatory Milestone for Coinbase
With the UK’s Financial Conduct Authority (FCA) rejecting most crypto-related registration applications in the past year, Coinbase’s successful registration is a significant regulatory milestone. This brings the total number of approved crypto platforms in the UK to around 50.
Meeting Regulatory Standards
Before this registration, Coinbase’s UK operations were managed through CB Payments Ltd., a subsidiary providing e-money services since 2018. By meeting the updated Money Laundering, Terrorist Financing, and Transfer of Funds Regulations, Coinbase secures its position in the UK’s regulated crypto sector.
Facilitating Transactions for UK Users
With the approval, Coinbase can now facilitate crypto and fiat transactions for UK users. However, it is restricted from operating automated systems that convert cryptocurrencies to cash and vice versa.
International Expansion
Following its UK registration, Coinbase also secured approval from Argentina’s National Securities Commission for VASP registration. These registrations play a crucial role in Coinbase’s international expansion strategy.
The company is dedicated to partnering with regulators across jurisdictions to increase economic freedom and promote a pro-tech and innovation agenda. Coinbase’s core thesis is that greater adoption and use of cryptocurrencies will ultimately lead to increased economic freedom.