OANDA, a leading crypto brokerage based in the US, has announced its entrance into the UK's cryptocurrency market.
This development comes as OANDA's dedicated branch, OANDA Crypto, received the necessary approvals to operate within the UK, signaling a significant step forward in the company's expansion efforts.
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The branch was formed following the acquisition of a majority stake in Coinpass, a crypto firm registered with the Financial Conduct Authority (FCA).
This move allows OANDA to offer its UK clients a diverse range of trading options, including over 63 cryptocurrency pairs such as Bitcoin, Ether, and Ripple. The firm is also planning to enhance its offerings by introducing additional tokens and features in the future.
The decision to enter the UK market is a continuation of OANDA's strategy to establish a presence in regions known for their rigorous regulatory standards, mirroring its earlier expansion in the US through a partnership with the crypto trading platform Paxos.
The UK's crypto market has seen significant regulatory changes, particularly with the FCA's new guidelines on crypto advertising introduced in October 2023.
The rules are aimed at ensuring that only registered virtual asset service providers can promote their activities, leading to several leading crypto companies pausing their operations in the UK and impacting how crypto firms operate within the country.
Despite the challenges, OANDA's head of digital assets, Lucian Lauerman, remains optimistic:
The UK has a high level of participation and is a very well educated and active market. What we liked about the opportunity in the UK, when it comes to crypto, is that it’s becoming more aligned with the markets where we’ve traditionally operated. The regulatory bar has been set slightly higher.
Furthermore, OANDA has recently acquired and rebranded Polish broker Dom Maklerski TMS Brokers SA to OANDA TMS, shifting its mainland European operations from Malta to Warsaw, Poland.
As the company looks forward to expanding its offerings and reinforcing its position in the market, the future of crypto trading in the UK appears promising under the guidance of experienced players like OANDA.
In other news from the crypto environment in the UK, the government plans to introduce legislation for stablecoins and crypto-staking services.
