Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced on Feb. 3 that it has secured its virtual asset service provider (VASP) registration in the UK, a designation granted by the Financial Conduct Authority (FCA). This regulatory approval allows Coinbase to provide both cryptocurrency and fiat services in the UK, the company’s largest international market. The crypto firm stated:

This VASP registration makes Coinbase the largest registered digital assets player in the UK.

With this milestone, Coinbase reinforces its commitment to regulatory compliance as it continues its global expansion.

“This is a critical registration to cement our strong position in the UK and unlock our ambitious expansion plans,” the company emphasized the significance of this registration. Coinbase described this achievement as a key step in its broader international strategy, underscoring its collaboration with regulators to promote a pro-technology agenda. The company expressed enthusiasm for the UK’s role in financial innovation, noting: “We at Coinbase are genuinely excited to be part of the UK’s incredible journey and the amazing opportunities this new era offers.” It also pointed to the increasing use of stablecoins in traditional finance as an example of how cryptocurrency is reshaping payments.

Coinbase aims to onboard a billion people into cryptocurrency while ensuring the highest security standards for customer assets. It praised the UK government and the FCA for fostering a regulatory framework that supports economic growth and innovation, stating:

Crypto is the most important technology that can generate growth in the world, and the UK is poised to benefit from this.

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