Global Shift in Focus: Copper Technologies Withdraws UK FCA Registration for International Expansion

Copper Shifts Focus to Global Licensing After Withdrawing UK FCA Registration

In a surprising move, Copper Technologies, a prominent crypto custodian based in the United Kingdom, has decided to withdraw its UK Financial Conduct Authority (FCA) registration. This dramatic shift signals a significant change of direction for the company, which will now focus on securing licenses and expanding operations in more favorable jurisdictions.

According to reports, Copper’s new CEO, Amar Kuchinad, is spearheading this pivot towards international growth. Speaking with Bloomberg, Kuchinad emphasized that the company will concentrate its efforts on licensing and establishing a strong presence in countries offering a more supportive regulatory environment.

The decision to withdraw FCA registration comes as no surprise given the increasingly stringent regulations imposed by the UK authority on cryptocurrencies and related activities. The move is seen as a strategic retreat for Copper, which may be better positioned to thrive in other regions with more open-minded regulatory frameworks.

In light of this development, it appears that Copper is choosing not to fight the UK’s strict regulatory stance, instead opting for a more pragmatic approach. By withdrawing its FCA registration, Copper can avoid potential legal and financial risks associated with non-compliance, freeing up resources to explore new markets.

As part of this renewed strategy, Copper will reportedly focus on securing licenses in jurisdictions like Hong Kong, which has gained popularity among cryptocurrency companies seeking less restrictive regulatory conditions. This shift also underscores the trend of crypto firms seeking more accommodating environments to operate and innovate, as we’ve seen with numerous high-profile examples in recent times.

With its sights set on a global expansion, Copper is poised to take advantage of opportunities arising from more lenient regulations abroad. The company’s decision will undoubtedly be watched closely by industry observers, who are eager to see how this new direction plays out.

By Victor Njoroge

Source: cryptonewsland.com