Tokenization Platform BPX Exchange Added to UK Crypto Register
The BPX Exchange has been added to the U.K.'s crypto register, marking the first new addition since April and only the third this year, according to the Financial Conduct Authority (FCA). Key points include:
- BPX Exchange is a digital securities exchange for investment funds.
- It can offer services to clients in the U.K. but cannot operate a crypto exchange or serve retail clients.
- Digital asset firms must register with the FCA and comply with money laundering and promotion rules.
- Since 2020, 52 firms have been approved by the FCA, including Coinbase and BlackRock this year.
- The U.K. aims to establish itself as a crypto and tokenization hub through new legislation and consultations with industry firms.
Tokenization involves creating virtual investment vehicles on the blockchain linked to real-world assets like securities.