Crypto company chaired by ex-chancellor ditches push for UK registration

The crypto company chaired by former chancellor Philip Hammond has dropped its second attempt to register in the UK after failing for more than three years to be approved by the British financial regulator. Copper, which provides trading, storage and settlement of cryptocurrencies, said on Friday that it had withdrawn its application to be on the Financial Conduct Authority’s Cryptoasset Register.

” Copper was then forced to register in Switzerland and has since gained regulatory approval in Abu Dhabi. This second withdrawal underscores Copper’s difficulty in gaining approval from the UK regulator. The FCA’s Cryptoasset system has been operating since 2020 and requires companies that offer digital asset exchange or custody services from the UK to UK customers to be registered.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Cutting red tape could attract more bad actors in finance sector, says FCA bossNikhil Rathi told MPs on the Treasury Select Committee that there will be increased risk-taking as part of proposed changes by Government.
Source: LBCNews - 🏆 75. / 59 Read more »

UK’s FCA to simplify disclosure rules for investment productsWatchdog says it will scrap regime inherited from EU that can ‘confuse or overwhelm’ investors
Source: FT - 🏆 113. / 51 Read more »

UK Watchdog to Replace Confusing EU Investment Disclosure RulesThe Financial Conduct Authority (FCA) will replace the EU's disclosure rules for investors in various financial products, aiming for a simpler and more flexible approach. The changes, welcomed by the City of London, are part of the FCA's review of post-Brexit EU laws. The FCA hopes the new regime will provide investors with clearer, more understandable information.
Source: ftenergy - 🏆 47. / 63 Read more »