The United Kindom-based subsidiary of the Australian crypto exchange, CoinJar has gained the mandatory recognition of the Financial Conduct Authority (FCA) as a crypt asset exchange provider and a custodian wallet provider.
Officially announced on Wednesday, the crypto exchange has joined a small group of UK companies that received regulatory recognition. But, a large number of crypto applicants are still waiting for the FCA’s approval, which is now operating in the country under an extended Temporary Relief Program.
Gemini and Archax were the first two crypto firms to receive the FCA recognition last August, but so far, only around a dozen firms in total have gained the status of crypto businesses.
“We are a long-established, highly regarded crypto exchange, so we are very pleased to have this official recognition by the FCA and to be one of the first to have received it,” Asher Tan, CEO at CoinJar said in a statement.
Making Crypto Investment Safe
Crypto adoption in the UK is skyrocketing as an FCA survey concluded that 2.3 million UK adults are holding digital assets.
“As the UK cryptocurrency market expands and matures, we can offer people a positive experience of buying, selling and trading digital currency,” Tan added.
“Alarmingly, there are still few legal crypto options here and far too many people are having bad experiences with shady companies that have no chance of ever being regulated. The FCA has said that a significant number of businesses aren’t meeting the money laundering regulations and an unprecedented number of companies have withdrawn their applications.”
CoinJar was established in 2011 and is the longest-running crypto exchange in Australia. However, the company moved its base to the United Kingdom only after a year to avoid the Australian goods and services tax regime.
The crypto exchange is now pushing the Aussie regulators to implement a similar crypto licensing regime in the country.
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