Bitstamp Officially Registered with the FCA as a Crypto Firm

Bitstamp’s UK division has been added to the Financial Conduct Authority’s list of registered companies.

As of June 13, Bitstamp U.K. Limited and Interactive Brokers Limited have become the first entities to be added to the list of registered cryptoasset firms in the U.K. after approximately 6 months; the FCA had included Hidden Road Partners and MoonPay in December 2022. The FCA has registered 42 crypto firms that conform to Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations, among others.

In the United Kingdom, companies allowed to engage in crypto asset activities must either be registered with the Financial Conduct Authority (FCA) or have obtained temporary authorization to operate. The FCA has previously directed Binance Markets Limited to cease its activities in the UK, as well as issued warnings to local crypto ATM operators to either shut down or face additional action.

Cointelegraph attempted to contact Bitstamp, but had not obtained a response at the time of publishing. During a May shareholders’ conference call, Ripple, a blockchain-based payment platform, revealed that it had acquired a minority stake in Bitstamp in the first quarter of 2023.

The UK Financial Conduct Authority (FCA) is planning to take action against cryptocurrency ATMs that are not registered or operating illegally.

Lawmakers in the U.K. have been developing a comprehensive regulatory framework for crypto assets, with the intention of increasing the presence of crypto in the country’s financial services sector and fostering innovation in the space. As of now, the government seems to be collecting feedback on the proposed framework and evaluating the best way to move forward.

Magazine: Ranking of the top and bottom countries for crypto taxes, plus advice on how to pay taxes on cryptocurrency.