thecoinrepublic.com
- 1 OANDA, a crypto brokerage, has secured approval to offer its services in the United Kingdom.
- 2 Coinpass, an FCA registered firm, will start offering its services in the region after its parent company OANDA Corporation secured approval.
- 3 OANDA Corporation acquired TMS in 2021 for an undisclosed amount; the firm also bought GFM Solutions Group in 2021.
OANDA, a crypto brokerage firm headquartered in the United States, has secured the approval to launch OANDA crypto in the United Kingdom for regional regulators. The approval followed after the firm acquired Coinpass a year earlier.
Coinpass is a FCA registered firm holding approval to offer crypto services in the United Kingdom. In the starting days, the OANDA crypto will offer trading of 60 crypto pairs, such as Bitcoin and Ethereum. The platform will add many other tokens/coins in the coming times.
The United Kingdom has a strong image in the international market, specifically in the finance market; some available news articles term the UK as a tax haven. OANDA is constantly working on its expansion. It successfully debuted in the US market in an alliance with Paxos.
OANDA Corporation acquired TMS in 2021 for an undisclosed amount; in 2021, the firm also bought GFM Solutions Group. To date, OANDA has raised funding in three rounds. Index Ventures funded the company as a lead investor, and a few other investors include Armada Investment and Cascade Investment.
The move of the OANDA to operate in the region is appreciated. Despite strict regulation and framework, it is assumed that the company needs to be more responsive about compliance and customer security.
Most recently, the Financial Conduct Authority of the United Kingdom has enforced new guidelines for crypto advertisement. The update has temporarily halted several crypto-based firms in the region.
OANDA’s head of digital assets, Lucian Lauerman, has expressed his enthusiasm over the firm securing approval in the United Kingdom. He believes adopters in the region are well-educated and active compared to other markets.
Nation’s Luring Crypto Companies
Following the sudden spike in the popularity of cryptocurrencies, dozens of nations have restructured their rules and regulations as per the digital assets. Still, some countries, such as India and China, stand against the broader adoption of crypto.
Once, China was among the first preferences of the crypto miners, but in 2021, the country came up with laws that fully restrict trading and other crypto-related activities.
El Salvador is the one country that has adopted cryptocurrencies, specifically Bitcoin, as a mode of payment; the nation has Bitcoin worth Billions. Singapore is also one of the most preferred locations for cryptocurrency enthusiasts; the region is the global evolving crypto hub.
Several nations have already eased their set of regulations for crypto-based companies and users, and several are still working. More nations may join the list of global crypto hubs.
Crypto Market Price
In the past few months, the cryptocurrency market has outperformed. Earlier this week, the market cap of the crypto industry achieved the much-awaited milestone of $2 Trillion.
When writing, the market cap was $1.98 trillion; a steep decline of a few percent has been seen in the last few hours. However, Bitcoin, the market leader, has reflected a constant consolidation in the past few days. It was trading at $51,125 at the time of writing.
Ethereum, the second most popular crypto, is constantly approaching higher levels, and as of writing, it is trading at $3,025.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.