Blockchain.com Secures UK Regulatory Approval After Four-Year Wait

TLDR

• Blockchain.com has secured regulatory approval from the FCA in the UK after a nearly four-year hiatus.
• The company can now offer crypto services in the UK while complying with anti-money laundering and counter-terrorism financing rules.
• Blockchain.com plans to apply for full financial services authorization once the UK’s new licensing regime is introduced in 2027.
• The FCA registration allows Blockchain.com to expand its brokerage, custodial, and institutional-grade crypto services across the UK.
• The approval strengthens Blockchain.com’s ability to collaborate with banks and other regulated financial institutions in the UK.

Blockchain.com has successfully gained regulatory approval in the U.K. after nearly four years since withdrawing its initial application. The Financial Conduct Authority (FCA) added Blockchain.com to its registry of licensed crypto companies on Tuesday. This approval marks a key milestone for the company after it initially abandoned its bid for FCA licensing in March 2022.

The approval allows Blockchain.com to operate under the U.K.’s anti-money laundering and counter-terrorism financing regulations. While the company can now carry out crypto-related services in the U.K., it is still subject to the current licensing regime. The FCA’s crypto licensing framework does not yet provide full financial services authorization, which is set to be introduced by the end of 2024.

Blockchain.com Expands Its Regulatory Footprint

Blockchain.com has secured its position as a licensed crypto service provider under the U.K.’s regulatory regime. With the FCA’s approval, Blockchain.com can now provide brokerage, custodial, and institutional-grade crypto services across the U.K. This registration allows the company to operate under the same rigorous standards required of traditional financial institutions in the U.K.

CEO Peter Smith emphasized the strategic importance of this registration, pointing out Blockchain.com’s British roots. He highlighted the company’s commitment to working alongside regulators as the U.K. develops its digital asset framework. “Blockchain.com is now operating under the same rigorous standards as traditional finance and banks in the U.K.,” the company noted in a post on X on Tuesday.

Blockchain.com plans to apply for full financial services authorization once the new licensing regime is introduced in 2027. The company aims to strengthen its position in the U.K. and across European markets with this registration. It follows Blockchain.com’s MiCA license in Europe, which allows the company to offer crypto services in the European Economic Area (EEA).

U.K. Approval Supports Blockchain.com’s Expansion Plans

With this new registration, Blockchain.com is well-positioned to expand its offerings in the U.K. The approval will enable the company to provide digital asset custody, wallet services, and enhanced brokerage services under FCA standards. Blockchain.com also plans to leverage this authorization to collaborate with banks and other regulated financial institutions.

Blockchain.com’s long-term commitment to regulatory compliance is reflected in the company’s strong history and UK talent base. Co-founder Nic Cary described the registration as a step forward in the company’s vision of building within established regulatory frameworks.

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