Crypto Exchange Coinbase (Coin) became the largest crypto exchange to operate in the UK after securing a place in the register of Financial Conduct Authority (FCA), enabling it to offer crypto services in the country for the first time.

“It opens new channels and opens the opportunity to launch new products and services,” Keith Grose, Coinbas’s British CEO, said in an interview.

Coinbase has spent the last six months working against Monday’s approval, Grose said. By becoming a registered company Coinbase can offer both crypto and cash For investors and dealers in the UK

Getting a place on the register is challenging, only 14% of applicants have succeeded.

Coinbase already had a presence in the UK through its CB Payments Ltd. subsidiary, which has provided e-money services since 2018. The London-based device did not offer cryptocurrency services directly but served as a gateway for customers to trade with Crypto on devices within the Coinbase group.

“Our new UK VASP registration will mean that CBPL can not only continue to provide our customers with Fiat services, but now can also provide crypto services,” a Coinbase spokesman said.

Coinbase will now also be able to talk directly with FCA about its communication and plans without relying on a third -party approvals as it was necessary in advance.

“We are happy to talk about things like efforts, the future of stableecoins in the UK and be [virtual asset service provider] Registered is part of that for us, “said Grose, referring to FCA’s incoming crypto regime.