2 - 4 minute read
The Financial Conduct Authority (FCA) has added two new companies to its crypto register, Bitstamp and Interactive Brokers. This is the first time in six months that the FCA has added companies to the register, which now lists more than 40 firms that have complied with the FCA’s anti-money laundering rules.
Crypto companies wishing to do business in the U.K. are required to register with the FCA and comply with its anti-money laundering rules. The FCA has faced criticism from the industry for making it difficult for companies to get onto the register. However, the agency’s recent move to add Bitstamp and Interactive Brokers demonstrates its commitment to regulating the crypto industry.
According to CoinDesk, a finance bill being debated in Parliament will give the FCA more power to regulate crypto. This means that companies operating in the crypto space will be subject to even greater regulatory oversight in the future.
Bitstamp and Interactive Brokers are both well-known names in the crypto industry. Bitstamp is a crypto exchange that has been operating since 2011 and is based in Luxembourg. Interactive Brokers is an online brokerage firm that offers trading in a range of financial instruments, including cryptocurrencies.
The addition of these two companies to the FCA’s crypto register is expected to have a positive impact on the crypto market in the U.K. By demonstrating its commitment to regulating the industry, the FCA is likely to attract more companies to the U.K. market. This could lead to increased competition and innovation in the industry, which could ultimately benefit consumers.
In an interview with CoinDesk, Interactive Brokers’ CEO, Thomas Peterffy, said, “We are pleased to have been accepted onto the FCA’s crypto register. This demonstrates our commitment to regulatory compliance and our desire to provide our clients with access to the growing crypto market.”
The Bottom Line
The addition of Bitstamp and Interactive Brokers to the FCA’s crypto register is a positive development for the crypto industry in the U.K. It demonstrates the FCA’s commitment to regulating the industry and is likely to attract more companies to the U.K. market. Traders should keep an eye on developments in the U.K. crypto market, as increased competition and innovation could lead to new opportunities in the future.