Crypto-friendly buying and selling platform Robinhood (HOOD) is now registered to supply cryptocurrency companies within the U.Okay.
Robinhood’s U.Okay. arm was added to the Monetary Conduct Authority’s (FCA) record of registered cryptoasset corporations as of July 31.
The corporate’s present FCA registration means it meets the regulator’s necessities the place it involves anti-money laundering (AML). A regime for crypto corporations has been in impact since 2020 and now numbers over 50 accepted corporations, together with Ripple, Kraken and conventional finance (TradFi) giants like BlackRock and BNY.
Profitable the regulator’s permission to supply crypto companies has added significance forward of the inception of the extra complete framework for crypto regulation within the U.Okay. The authorization course of opens on the finish of September and closes on the finish of February subsequent yr, forward of the complete regime coming into drive in October.
The comparatively transient window for corporations to register and acquire full regulatory approval means these corporations already registered underneath the FCA’s present regime could have accomplished a variety of the heavy lifting upfront.