Global cryptocurrency exchange Coinbase is set for UK growth after receiving regulatory clearance to provide its services to customers across the country.
Officially registered as CB Payments Ltd., Coinbase secured a Virtual Asset Service Provider (VASP) licence to operate further in the UK after being granted clearance by the Financial Conduct Authority (FCA).
Other crypto companies listed as registered VASP licensees include PayPal, – for its stablecoin PYUSD – Bitstamp, Revolut, eToro and more.
Now receiving regulatory clearance, Coinbase will be able to provide UK customers with its crypto and cash services to new and existing users to perform new capabilities it was previously restricted to.
“Our new UK VASP registration will mean that CBPL can not only continue to provide our customers with fiat services, but now can also provide crypto services,” said a Coinbase spokesperson.
Keith Grose, Coinbase UK CEO, also commented on the registration, highlighting the potential of stablecoins in the UK market with potential upcoming regulations regarding digital currencies later this year.
He said: “(This) opens up new channels and opens up the ability to launch new products and services.
“We’re excited to talk about things like staking, the future of stablecoins in the UK, and being registered is part of that for us.”
Coinbase has been working for the last six months to gain regulatory approval from the FCA according to Grose. Previously, it has been operating in the UK with an electronic money institution (EMI) licence, unable to offer its crypto services directly to consumers.