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Copper Shifts Focus to Global Licensing After Withdrawing UK FCA Registration
In a significant move, Copper Technologies has announced the withdrawal of its Financial Conduct Authority (FCA) registration in the United Kingdom. The decision marks a strategic shift in focus towards international licensing and growth opportunities.
The company’s new CEO, Amar Kuchinad, has made it clear that Copper will no longer pursue a permanent registration with the FCA, citing the regulator’s stringent requirements and the evolving regulatory landscape in the UK. Instead, Copper is shifting its attention to other jurisdictions with more favorable regulatory frameworks for crypto businesses.
In an effort to expand its global footprint, Copper plans to seek licensing opportunities in countries with more accommodating regulations. This move comes as no surprise, considering the recent trend of prominent crypto firms seeking greener pastures in other regions.
According to reports, Copper will focus on securing licenses in jurisdictions that better align with the company’s goals and ambitions. The UK’s regulatory environment has become increasingly restrictive for cryptocurrency businesses, prompting many companies to look elsewhere.
Kuchinad emphasized the importance of working within a regulatory framework that allows for innovation and growth. By shifting its focus away from the FCA registration, Copper is poised to take advantage of emerging opportunities in other markets.
As a result, this strategic decision will have significant implications for Copper’s operations and business model. The company may establish new offices or partnerships in countries with more favorable regulations, allowing it to expand its reach and offerings.
In an interview, Kuchinad expressed his commitment to finding a regulatory environment that supports the growth of the crypto industry as a whole. He emphasized the importance of working within jurisdictions that prioritize innovation and entrepreneurship.
Copper’s decision to withdraw from FCA registration underscores the company’s determination to operate in a space where it can innovate and grow.
Source: cryptonewsland.com
