The team at coinpass is pleased to confirm that they’ve been granted approval to serve as a registered crypto-assets company. The approval has been given by the UK’s Financial Conduct Authority (FCA).
As mentioned in the announcement, the coinpass management team have always “believed in adhering to regulating parts of the cryptocurrency eco-system that interface with the traditional world of finance.”
coinpass‘ management also noted that transacting between banking and crypto on a single digital layer has been their vision “since inception.” The company added that their registration with the UK FCA is now “in place and our vision is another step closer to reality.”
Jeff Hancock, CEO at coinpass, stated:
“We’re exceptionally pleased to be among one of the first UK based cryptocurrency Trading Exchanges for retail investors and businesses to be fully registered with the Financial Conduct Authority as a crypto-asset firm. We understand and fully support that to evolve the cryptocurrency market to be more inclusive and attractive to a larger number of users, we would require regulatory guidelines for exchanges and gateways.”
Hancock added that the UK is a financial center for investment and Fintech and it “has the potential, under the FCA’s guidance, to be a world leader in cryptocurrency regulation.” He further noted that with this registration, he’s “exceptionally bullish on the future for crypto in the United Kingdom and proud of our achievement.”
Previously, UK investors and traders in the crypto market were “exposed to potential money laundering, loss of funds and poor customer service by using offshore unregistered exchanges to invest in cryptocurrencies such as Bitcoin and Ethereum.”
The announcement from coinpass also noted that many UK banks have “opposed cryptocurrency transactions from client accounts due to the jurisdiction of certain exchanges or the source of funds when trying to liquidate cryptoassets holdings.”
coinpass added that the introduction of the mandatory registration by UK crypto-asset companies in adhering to Anti-Money Laundering guidelines, regulation and policies for offering cryptoasset will “ensure strength and improvement in the cryptocurrency eco-system for UK investors.”
Coinpass Limited (coinpass.com) is a UK Cryptocurrency Exchange “registered with the UK Financial Conduct Authority as a crypto-asset firm.” Coinpass serves retail and business customers interested in purchasing, selling, trading and holding virtual currencies.