Coinbase Becomes the Largest Registered Digital Asset Service Provider in the UK

The largest US-based crypto exchange just became the largest Virtual Asset Service Provider (VASP) in the UK following recent regulatory approval.

Coinbase, the largest cryptocurrency exchange in the United States, has now also become the biggest Virtual Asset Service Provider (VASP) in the United Kingdom.

Coinbase announced on Monday that it has received approval from the Financial Conduct Authority (FCA) to operate as a VASP in the UK.

“Coinbase has obtained its VASP registration in the United Kingdom issued by the Financial Conduct Authority (FCA). This registration will allow Coinbase to offer a better suite of retail, institutional, and ecosystem products and services to users across the UK as the largest registered VASP.”

The VASP registration has helped Coinbase surpass Binance, the largest cryptocurrency exchange in the world, to become the biggest digital asset service provider in the United Kingdom, the announcement noted.

“This VASP registration makes Coinbase the largest registered digital assets player in the UK. The UK Government and the FCA are developing welcome regulation for the crypto sector, hopefully joining the good company of growing numbers of countries around the world embracing economic freedom and free markets.

Governments around the world are waking up to the fact that crypto fuels economic prosperity. We believe that crypto is the most important technology that can generate growth in the world, and the UK is poised to benefit from this.”

Coinbase also received approval to operate as a VASP in Argentina just last week.