Uphold receives FCA authorisation to operate as a registered crypto firm
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Uphold receives FCA authorisation to operate as a registered crypto firm 23 February 2022UK Reporter: Jenna Lomax
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Multi-asset digital money platform Uphold has received authorisation from the UK Financial Conduct Authority (FCA) to operate as a registered crypto asset firm in the UK.
Uphold’s registration means that the platform is one of only a handful of large trading venues deemed “fit and proper” to operate a crypto business in compliance with the UK money laundering and terrorist financing regulations.
The firm’s London-based subsidiary, Uphold Europe, is now one of only 32 firms to have received crypto asset firm registration.
Simon McLoughlin, CEO of Uphold, says: “Owing to the inherent risks of cryptocurrencies, the FCA set the bar high for firms applying for this registration. We are delighted to have met the required standard and believe the new regulated regime will help the crypto industry mature and achieve greater mainstream success while keeping customers safe.”
Kevin Ludwick, chairman of Uphold Europe, comments: “The UK regulator has set the highest standards for admitting crypto asset firms into the financial services regulated environment.
“With this registration, we continue to demonstrate our commitment to being a long-term sustainable franchise for our customers, serving not just their present crypto asset needs but supporting them as the market for digital finance and products evolves.”
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