Regulatory Shift: Copper Technologies Abandons UK FCA Registration, Eyes International Markets

Copper Shifts Focus to Global Licensing After Withdrawing UK FCA Registration

UK-based crypto custodian, Copper Technologies, has decided to withdraw its registration with the Financial Conduct Authority (FCA) and shift its focus towards securing licenses in other jurisdictions. This move is seen as a strategic pivot by the company’s new CEO, Amar Kuchinad.

In an official statement, Kuchinad emphasized that Copper will now be targeting international markets to support its growth ambitions. The CEO emphasized that the firm intends to capitalize on regions where cryptocurrency regulations are clearer and more supportive.

To this end, Copper has already started exploring opportunities in other territories. According to reports, the company is actively pursuing licenses in Hong Kong, a region known for its favorable regulatory environment.

Copper’s decision to withdraw from the UK FCA registration comes as no surprise, given the increasingly stringent regulations faced by crypto companies operating within the country. Recent moves have seen several prominent firms either leave or scale back their operations in the UK due to these restrictions.

By shifting focus towards international markets, Copper aims to strengthen its foothold and continue to support innovation in the global blockchain ecosystem. This move is reflective of a broader trend observed in the crypto space, with many companies seeking more lenient regulatory environments to grow their businesses.

It remains to be seen whether this new strategy will yield positive results for Copper, but one thing is certain – the company’s decision to abandon its UK FCA registration marks an important shift towards a global approach.

Source: cryptonewsland.com