Coinbase Becomes Biggest Virtual Asset Service Provider in UK With New Regulatory Approval

The largest US-based crypto exchange just became the largest Virtual Asset Service Provider (VASP) in the UK following recent regulatory approval.

According to a new Coinbase announcement, the exchange has received approval from the Financial Conduct Authority (FCA) to act as a VASP in the United Kingdom.

“Coinbase has obtained its VASP registration in the United Kingdom issued by the Financial Conduct Authority (FCA). This registration will allow Coinbase to offer a better suite of retail, institutional, and ecosystem products and services to users across the UK as the largest registered VASP.”

According to the announcement, the VASP registration has helped Coinbase surpass Binance, the largest crypto exchange in the world, as the biggest digital asset service provider in the region.

“This VASP registration makes Coinbase the largest registered digital assets player in the UK. The UK Government and the FCA are developing welcome regulation for the crypto sector, hopefully joining the growing trend of countries embracing economic freedom and free markets.

Governments around the world are waking up to the fact that crypto fuels economic prosperity. We believe that crypto is the most important technology that can generate growth in the world, and the UK is poised to benefit from this.”

Just last week, Coinbase received approval to operate as a VASP in Argentina.

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Featured Image: Shutterstock/fran_kie