Coinbase has achieved Virtual Asset Service Provider (VASP) registration in the United Kingdom.
On Feb. 3, Coinbase’s Chief Policy Officer Faryar Shirzad announced the development on social media platform X and said that this milestone makes the exchange the largest registered VASP in the UK.
He explained:
“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.”
This move is a significant regulatory milestone for the exchange, considering the UK’s Financial Conduct Authority (FCA) has rejected most crypto-related registration applications in the past year.
Coinbase’s successful registration raises the total number of approved crypto platforms in the country to approximately 50.
Before this registration, Coinbase’s UK operations were managed through CB Payments Ltd., a subsidiary providing e-money services since 2018.
Now, the company has met the updated Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs), which secures its position in the country’s regulated crypto sector.
With this approval, Coinbase can facilitate crypto and fiat transactions for UK users. However, it is restricted from operating automated systems that convert cryptocurrencies to cash and vice versa.
International expansion
Coinbase’s UK registration comes just days after the company secured approval from Argentina’s National Securities Commission (CNV) for VASP registration.
Coinbase said these registrations are essential to the company’s international expansion strategy.
The company added that it was dedicated to partnering with regulators across jurisdictions to increase economic freedom and promote a pro-tech and innovation agenda.
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.”
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