Uphold, a multi-asset digital money platform, announced today that it has received authorization from the UK’s Financial Conduct Authority (FCA) to operate as a Registered Crypto Asset firm.
The firm´s London-based subsidiary, Uphold Europe Limited, is now one of only 32 firms to have received Crypto Asset Firm Registration under the UK´s Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.
Around 200 firms 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 firms.
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 firms 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.