Summary
- Robinhood is now registered to offer cryptocurrency services in the U.K.
- An existing registration with the FCA means the company meets the regulators requirements where it comes to anti-money laundering.
- Winning permission to offer crypto services has added significance ahead of the inception of the more comprehensive framework for crypto regulation, which comes into force in October 2027.
Crypto-friendly trading platform Robinhood (HOOD) is now registered to offer cryptocurrency services in the U.K.
Robinhood‘s U.K. arm was added to the Financial Conduct Authority’s (FCA) list of registered cryptoasset companies as of July 31.
The company‘s existing FCA registration means it meets the regulator’s requirements where it comes to anti-money laundering (AML). A regime for crypto firms has been in effect since 2020 and now numbers over 50 approved companies, including Ripple, Kraken and traditional finance (TradFi) giants like BlackRock and BNY.
Winning the regulators permission to offer crypto services has added significance ahead of the inception of the more comprehensive framework for crypto regulation in the U.K. The authorization process opens at the end of September and closes at the end of February next year, ahead of the full regime coming into force in October.
The relatively brief window for companies to register and obtain full regulatory approval means those firms already registered under the FCAs existing regime may have done a lot of the heavy lifting in advance.