Coinbase became the first global exchange to register as a Virtual Asset Service Provider (VASP) with the United Kingdom.
Faryar Shirzad as Chief Policy Officer at Coinbase used X to announce their achievement as a UK registered Virtual Asset Service Provider. In his statement Shirzad explained:
🇬🇧🇬🇧@coinbase has obtained our VASP registration in the UK! 🇬🇧🇬🇧
— Faryar Shirzad 🛡️ (@faryarshirzad) February 3, 2025
“Governments around the world are embracing digital asset technology to update the financial system and catalyze economic empowerment. It’s an exciting time to build, and gratifying to have the UK take concrete steps to grow the crypto ecosystem at home.”
Coinbase’s Approval Amid Tough Regulations
The Financial Conduct Authority of the United Kingdom chose to approve Coinbase under demanding industry circumstances. The (FCA) blocked most crypto registration requests during the past year so Coinbase standing out becomes an impressive achievement.
The UK now has a total of 50 registered crypto services after approving Coinbase for operation. Since 2018 CB Payments Ltd had operated as Coinbase’s UK business to deliver e-money services only.
The latest registration proves Coinbase meets all Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) standards in UK financial markets. The regulation helps make Coinbase a top player in the UK’s crypto market supervision.
Coinbase Expands UK Services with Crypto and Fiat Transactions
Following this new status Coinbase can now perform both cryptocurrency and traditional currency dealing for its UK user base. The company remains limited in using robot technology to convert digital money into sterling and sterling into digital money.
Coinbase has reached key status in the UK financial sector following its registration as a Virtual Asset Service Provider in Argentina just before. The business continues to push its services across multiple regions internationally. Coinbase wants to work with authorities everywhere to help people gain economic freedom and let technology grow properly. It added:
“Our mission is to onboard the next 1 billion people into crypto while prioritising security for customer assets and maintaining the highest standards of compliance. Coinbase’s core thesis is that greater adoption and use of cryptocurrencies will increase economic freedom.”
Coinbase uses the UK approval to move ahead with its worldwide plan and help both its business and cryptocurrency markets grow.
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