What to know:
- Copper has withdrawn its application to become registered with the U.K.’s financial services regulator.
- The company said that registration in the U.K. no longer fitted with its future business plans.
As a seasoned researcher with a keen interest in the dynamic world of digital assets and fintech, I find this news about Copper withdrawing its application for U.K. financial services registration intriguing. While it’s not uncommon for companies to reassess their strategies based on evolving market conditions, the high percentage of withdrawn applications from crypto firms in the U.K. is a trend that warrants further investigation.
According to a statement released on Friday, Copper, a digital asset custody firm, chose not to proceed with their application for registration with the British financial services regulator, the Financial Conduct Authority (FCA).
According to the company headed by the previous U.K. Minister of Finance, Philip Hammond, the choice to disengage was a move in line with the company’s strategic reorientation. They mentioned that maintaining U.K. registration no longer aligns with their anticipated business path moving forward.
As a researcher, I’ve just learned that our London-based organization has unveiled a fresh strategic direction, with a stronger emphasis on seizing international prospects.
In October, Amar Kuchinad was selected as the company’s new chief executive officer for its worldwide operations. His main responsibilities will include spearheading the organization’s global expansion plan, particularly by enhancing the company’s influence in the United States.
It’s not just Copper that has decided to pull out of the registration process in the U.K.; statistics from the Financial Conduct Authority show that as much as 69% of all applications submitted between January 10, 2020, and December 1, 2024, have been withdrawn.
The custody company stated their intention to seize chances available in top-tier regions like the United States, Europe, and the Middle East.
In a recent announcement, Amar Kuchinad, CEO of Copper, stated that choosing to no longer proceed with registering as a cryptoasset institution within the U.K. aligns with their business strategy and is focused on fostering growth in key markets instead.
In October, Copper began providing its clients with a secure storage and trading service for tokenized versions of money market funds like BlackRock’s BUIDL, as the firm announced.
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2024-12-20 13:48