Coinbase, one of the world’s leading Bitcoin exchange sites and Bitcoin payment service providers, announced today that they have expanded into the UK with “forward-looking” talks with the financial regulators of the countries.
Customers from the UK can now buy and sell Bitcoins in their native Pound Sterling currency as well as hold their Bitcoins with the site in their wallets. The site will be fully regulated by the UK financial departments and provide a safe and secure place for customers Bitcoin needs.
Coinbase’s expansion into the UK is no surprise as the company previously announced that they want to expand into 40 new countries before the end of the year, with the UK being one of the bigger markets.
"The Financial Conduct Authority (FCA) has been really great to work with. I think they've been very forward thinking in this space right now. The UK regulators were very easy to work with and I think are setting a good precedent for how other countries should look at this.” Chief Executive Officer at Coinbase, Brian Armstrong said to coindesk.com.
The UK has already made budgets to regulate the Bitcoin with anti-money laundering framework and has set aside around €13 million for the job.
"This response is important for cryptocurrency companies in the UK because it demonstrates a pragmatic, collaborative and priority-driven approach to regulation. The £10m research initiative is important because it is being allocated to organisations that focus on understanding underlying data structures.” Tom Robinson, Board member of the UK Digital Currency Association said to Ibitimes.
"Allocating the grant to those organisations indicated that the Treasury is interested in supporting and understanding the underlying technology - the blockchain - and understands the potential benefits it could bring to society.” Robinson added.