IG Makes History: First UK-Listed Firm to Secure FCA Crypto License
IG, a UK-based financial services company, has made history by becoming the first UK-listed business to secure a cryptoasset license from the Financial Conduct Authority (FCA). This significant move signals a shift in the integration of digital assets within the UK's regulated financial sector and opens up new opportunities for expansion.
The license, granted to IG by the FCA, allows the firm to operate its own native crypto platform. This marks a structural change for IG, transitioning from offering cryptocurrency trading through a third-party partnership to managing its crypto services in-house. This move is set to expand the firm's features and services.
Michael Healy, UK Managing Director at IG, welcomed the license, stating that it provides a solid foundation for expanding services under the FCA's oversight. IG's customers currently using the partner-based service will be migrated to the new in-house crypto platform, where IG will take responsibility for custody, trade execution, and related services. This development illustrates how traditional financial institutions are positioning themselves to compete in the digital assets space while operating within a regulated framework.
IG's registration with the FCA is a significant milestone in the UK's regulated financial sector. It paves the way for other financial institutions to explore and expand into digital assets, potentially leading to a more integrated and supervised market. IG's customers can now look forward to enhanced services and the security of operating within a regulated environment.
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