As a seasoned analyst with extensive experience in the financial sector and a keen interest in the ever-evolving crypto space, I find Copper Technologies’ decision to withdraw its registration from the FCA intriguing. Having spent a considerable portion of my career navigating the complexities of global financial regulations, I can appreciate the strategic move by their new CEO, Amar Kuchinad, to focus on securing licenses in crypto-friendly jurisdictions like the U.S., Hong Kong, Switzerland, and Abu Dhabi.
The U.K.-rooted cryptocurrency company, Copper Technologies, has decided to withdraw its registration with the Financial Conduct Authority (FCA). However, under the leadership of its new CEO, the company is planning to redirect its efforts towards acquiring operating licenses in the United States and other nations, with a focus on enhancing security.
As reported by Bloomberg, Copper Technologies, a cryptocurrency custody company, decided to withdraw its registration with the U.K.’s Financial Conduct Authority on December 20th. The firm has announced that it will instead direct its efforts towards expanding its global operations under its new CEO, Amar Kuchinad.
In October, Kuchinad assumed the role of CEO following Dmitry Tokarev’s departure. Upon his appointment, he mentioned to Bloomberg that if Trump wins the Presidential election in November, the company intends to expand into the U.S market. Now that a more crypto-friendly administration is in place, Kuchinad stated that the company will submit applications for regulatory custodial or money-transmitter licenses within the United States.
Ever since I joined the team, my focus has been on fine-tuning Copper’s worldwide expansion plan,” stated Kuchinad, primarily stationed in New York. “This has required significant choices regarding our path and methodology.
Besides targeting America, this crypto company also intends to seek licensing and regulatory approval in crypto-friendly areas such as Hong Kong, Switzerland, and Abu Dhabi, where they are open to digital currencies.
Copper Technologies, a significant player in the cryptocurrency industry within the United Kingdom, is headed by the former Chancellor of the Exchequer, Philip Hammond. Established in 2018, its primary headquarters has resided in London since its inception.
In 2022, when UK financial authorities updated their registry for crypto assets, Cooper was unable to secure a permanent registration with the FCA. Consequently, since then, the crypto company has been concentrating on expanding its operations outside of the UK.
According to a previous report from crypto.news, the United Kingdom’s Financial Conduct Authority (FCA) has been working towards establishing regulations for cryptocurrencies by the year 2026. More recently, this regulatory body has proposed new limitations that might slow down or even stop the growth of the cryptocurrency sector within the U.K.
The proposed new rules might restrict public cryptocurrency offerings, although exceptions may apply for already recognized trading venues or if special regulatory exemptions are granted.
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2024-12-20 15:28