200 Crypto Firms Applied to Register in the UK Over the Last Year
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This rising trend seems to be going on after Elon Musk’s announcement that Tesla has increased its digital currency by $ 1.5 billion. Also, financial giants such as Mastercard and BNY Mellon have announced that they will begin to offer their customers the chance to use cryptocurrencies. This rising interest in cryptocurrencies from amateur enthusiasts to professional investors has caught the attention of regulators. It seems that companies are taking action to register for online exchanges as the control on the industry tightens in the UK.
Interest in Bitcoin and other digital currencies continues to increase rapidly around the world. It is known that controlling these currencies is much more complicated than different parities. For this reason, legal institutions seek ways to keep this market under control with the regulations they make. From Bitcoin ATM operators to online exchanges, these firms represent a wide range of sectors. Prominent financial firms such as Fidelity and Revolut are among the applicants and the smaller companies based in Oxford and Glasgow.
The UK’s financial regulator has granted temporary approval to 102 companies that applied by July, which means that these companies can continue to serve their customers until the given time. It was announced that three different companies – Gemini, Archax, and Ziglu- have been officially approved so far.
Experts state that this development is a significant indicator for the ongoing adoption of Bitcoin and the cryptocurrency industry as the number of digital token investors and users grows worldwide. Analysts also clarify that, with high demand from consumers and growing interest from companies, the UK is very well positioned to take advantage of the Bitcoin boom. This regulation can be regarded as an inevitable move and reflection of the cryptocurrency industry’s increasing popularity. It will push other countries and institutions to provide mechanisms in adopting cryptocurrencies, particularly Bitcoin. Bitcoin price recently surged to above $50.000 that cannot be ignored by big companies, firms, and regulatory bodies.
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