Securities firm OANDA Group to offer virtual currency trading in the UK

8 months ago 77

Obtained UK FCA compliant Coinpass

Online securities group OANDA has officially begun trading in cryptocurrencies in the UK. It plans to offer trading for over 63 crypto asset (virtual currency) pairs, including Bitcoin (BTC) and Ethereum (ETH). CoinDesk reported on the 26th.

Lucien Lauerman, head of digital assets at OANDA, said that although the UK's regulatory hurdles are a little higher than elsewhere, he appreciates the way cryptocurrencies are aligned with traditional financial markets.

OANDA is a major securities company headquartered in Toronto, Canada, with offices in New York, London, Singapore, Tokyo, Sydney, and other locations. We have provided trading in various asset-related products, including FX trading and CFD trading.

Last August, OANDA acquired a majority stake in Coinpass Limited, a UK-based Financial Conduct Authority (FCA) registered cryptocurrency exchange.

At the time, CEO Gavin Banbury said:

The addition of Coinpass' regulated crypto trading services to OANDA's existing multi-asset products will allow it to expand its business and further appeal to the UK's growing retail investor base.

OANDA also said Coinpass will expand its B2B2C (Business to Business to Consumer) capabilities and help businesses enter the UK crypto market. Furthermore, B2B2C generally refers to intermediating transactions between businesses and consumers.

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Cryptocurrency investors increase in UK

The Financial Conduct Authority (FCA) reported last year that the number of UK crypto investors doubled from 2021 to 2022. We conducted an online sample survey of 2,337 UK adults.

In 2021, 2.3 million people invested in virtual currencies, but as of August 2022, it is estimated that 4.97 million people held virtual currencies and related investment products. It can be seen that demand has increased.

In the UK, Rishi Sunak, who supports cryptocurrencies, will become Prime Minister in 2022. Prime Minister Sunak has said: “I want the UK to be the center of Web3 in the world.''

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In June 2023, the British monarch approved amendments to the Financial Services and Markets Act, including provisions to clarify that virtual currencies can be regulated as financial products. It would designate all cryptocurrencies as regulated financial activities, allowing for oversight of advertising, business registration, stablecoin regulations for payments, and more.

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What is Web3?

The current centralized web is defined as Web2, and refers to an attempt to realize a decentralized network using blockchain, etc. Typical features include use cases for decentralized networks such as blockchain, such as accessing dApps using virtual currency wallets.

Virtual currency glossary