Uphold, a multi-asset digital money platform, announced today that it has received authorization from the United Kingdom’s Financial Conduct Authority (FCA) to legally operate its crypto activities in the country.
The Uphold London-based subsidiary, Uphold Europe Limited, is now one of only 32 companies to have received Crypto Asset Firm Registration under the UK´s Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.
Around 200 businesses have applied for registration, with the vast majority either withdrawing their application or being rejected. The FCA´s Crypto Asset Firm Registration is widely regarded as one of the world´s most challenging AML registrations for crypto-related businesses.
Uphold´s successful 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.
“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 evolves.”
– Kevin Ludwick, Chairman of Uphold Europe
As of January 10th, 2020, all crypto-asset enterprises operating in the UK have been required to comply with the MLR, including the requirement to be registered with the FCA on or before January 9th, 2021.