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Uphold receives FCA approval

Thursday 24 February 2022 10:35 CET | News

Uphold has received authorisation to operate as a Registered Crypto Asset firm in the UK. 

The firm’s subsidiary, Uphold Europe Limited, is now one of the 32 firms to have received Crypto Asset Firm Registration under the UK´s Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.

Around 200 firms have applied for registration, with the vast majority either withdrawing their application or being rejected. The FCA’s Crypto Asset Firm Registration is widely regarded as one of the world’s most challenging AML registrations for crypto firms.

The FCA is responsible for regulating financial services industry firms in the UK. Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers. As of January 10, 2020, all crypto asset firms operating in the UK have legally been required to comply with the MLR, including the requirement to be registered with the FCA on or before January 9th, 2021.

Uphold is a global digital money platform serving over 8 million customers in more than 150 countries. Leveraging blockchain technology, the platform provides both consumers and businesses with access to digital and national currencies, precious metals, and fractional US equities. Uphold’s trading experience – ‘Anything-to-Anything’ – allows customers to trade directly between asset classes.


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Keywords: FCA, cryptocurrency, digital assets, regulation, AML
Categories: DeFi & Crypto & Web3
Companies:
Countries: United Kingdom
This article is part of category

DeFi & Crypto & Web3






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