The process was not easy. Only 14% of applicants manage to gain FCA registration. Coinbase spent six months working toward this approval. According to Keith Grose, CEO of Coinbase UK, this action creates new prospects for goods and services.
Prior to 2018, Coinbase operated in the UK through its subsidiary CB Payments Ltd., which offered e-money services. It did not, however, provide cryptocurrency services directly. With its recent FCA registration, CB Payments Ltd. is now able to provide clients fiat and cryptocurrency services.
According to a Coinbase representative, this move enhances the business’s standing in the UK market. Additionally, Coinbase can speak with the FCA directly regarding rules and future plans thanks to the registration.
Staking and the future of stablecoins in the UK are two important topics that Grose brought to light. With the latest clearance, Coinbase hopes to increase its influence over the nation’s cryptocurrency market.
