Bitstamp, one of the world’s oldest crypto exchanges, and online brokerage firm Interactive Brokers (IBKR) have become the latest additions to the U.K. crypto register after a six-month hiatus. The Financial Conduct Authority (FCA) maintains this register, which serves as a list of crypto firms that have successfully met the agency’s stringent anti-money laundering and terror financing regulations. With the inclusion of Bitstamp and Interactive Brokers, the number of approved companies on the register now stands at 42, signifying a growing commitment to regulatory compliance within the crypto industry.
Strengthening regulatory powers for consumer protection and market integrity
Although the FCA’s current authority is limited to ensuring crypto companies register and adhere to existing rules, an upcoming bill in Parliament aims to establish crypto as a regulated activity, empowering the agency and the Payments Systems Regulator with enhanced oversight to safeguard consumers and regulate the industry effectively. The proposed legislation, if passed in its current form, will significantly bolster regulatory powers in the crypto space.
Bitstamp, added to the U.K. crypto register on Tuesday, has been expanding its licensing and registration footprint, having previously registered in France, Spain, and Italy. In line with its commitment to mainstream adoption, Bitstamp views increased regulation as pivotal to its journey and advocates for industry-wide compliance. The company now holds a total of 52 licenses and registrations, demonstrating its dedication to meeting regulatory requirements.
Interactive Brokers, a Nasdaq-traded online brokerage firm headquartered in Greenwich, Connecticut, joined the U.K. crypto register on Monday. It recently entered the crypto market by offering cryptocurrency trading services to professional investors in Hong Kong earlier this year. Through its partnership with Paxos Trust in 2021, Interactive Brokers facilitated crypto trading for its clients.
The approval of Bitstamp and Interactive Brokers reflects the growing recognition within the crypto industry that adherence to robust regulatory frameworks is crucial for building trust and facilitating mainstream adoption. As governments worldwide continue to refine their approach to crypto regulation, these developments serve as significant milestones in the evolution of the industry.