Coinbase Secures VASP License from UK Financial Conduct Authority
Coinbase has obtained a virtual asset service provider (VASP) license from the UK Financial Conduct Authority (FCA), allowing it to offer comprehensive crypto services in the UK for both retail and institutional clients. This positions Coinbase as the largest registered crypto firm with the FCA.
Key points:
- Obtaining the VASP license required six months of effort; only 14% of applicants were successful.
- The license enables Coinbase to launch new products and services directly without intermediaries.
- Coinbase's CB Payments Ltd. has been offering e-money services in the UK since 2018.
- The company plans to expand its operations in Europe, having already secured licenses in Germany and Ireland.
- Future discussions with the FCA may focus on staking and stablecoin regulations.
Coinbase aims to leverage this license to enhance its presence in one of the key international markets.