Luxembourg-based crypto exchange Bitstamp has secured regulatory approval to operate in the UK after financial watchdog the Financial Conduct Authority (FCA) rubber-stamped its application.
According to the FCA website, the approval was granted on 13 June.
When Bitstamp secured a Payment Institution licence in Luxembourg in 2016, it became the first fully licensed bitcoin exchange in Europe. It established its European headquarters in the grand duchy because of its track record in fostering financial innovation.
According to trade publication Financial News, the UK regulatory approvals process for crypto firms has been in the firing line for being too slow and “overly conservative”. It reports that the FCA received more than 300 applications from crypto businesses for registration under its money-laundering rules since it began checks on 10 January 2020. It claims only 43 have been successfully approved.
