- Coinbase receives UK FCA approval, extending its European market reach.
- The exchange plans to expand its worldwide cryptocurrency presence by focusing on Southeast Asia.
Coinbase has also been granted permission from the UK’s Financial Conduct Authority (FCA) to work as a Virtual Asset Service Provider for clients by providing them with cryptos and fiat services. With this, Coinbase becomes the biggest FCA-regulated crypto platform in the United Kingdom by showing how sincere it is concerning aspects related to compliance with regulations found in the United Kingdom.
FCA approval allows direct communication with the regulator without overcoming previous hurdles. Since 2018, Coinbase has operated in the UK through its subsidiary, CB Payments Ltd. It eliminates the right of third-party rights and paves the way for more effectively expanding its services is a huge success in the UK, where ownership has skyrocketed 12% of its adults owning a digital asset.
Crypto Adoption and Expansion at Coinbase in the UK
Coinbase will extend a wide spectrum of crypto services, including staking and stablecoins, within the confines of the UK regulations. The development will also conform to the pro-crypto move of the UK government, which would increase the general adoption of cryptos and also provide investor protection.
FCA registration is indicative of the ever-growing need for regulated crypto services in the UK and Europe, where the crypto user base has grown to 65 million. Approval is more significant not only by improving Coinbase’s market positioning in the UK but also by bringing legal clarity so that mainstream adoption of crypto assets can happen much more smoothly.
Apart from the UK, Coinbase expanded its regulatory permits in Ireland, Germany, the Netherlands, and Italy. Coinbase has also considered other Southeast Asian economies where it has just met with the finance ministry officials of the Philippines to talk about entering the nation. It has already supported local blockchain initiatives in the Philippines and Thailand while existing in Singapore, whose regulatory license Coinbase obtained in 2023.
That was all set given the FCA approval, from which Coinbase expands its services both for institutional investors and retail customers in the United Kingdom. Along with this FCA approval comes the listing of new futures contracts Solana (SOL) and Hedera(HBAR) are going to launch on February 18, 2025, under Coinbase’s Derivatives division.
