- Galaxy Digital UK receives FCA approval to expand derivatives trading in the UK.
- FCA license boosts Galaxy’s investment banking and asset management operations.
- UK’s regulatory environment strengthens Galaxy’s presence and innovation in digital assets.
Galaxy Digital, a digital asset and blockchain company has achieved a milestone in the UK after receiving approval from the FCA. As stated in the press release, the license permits Galaxy Digital’s UK-based subsidiary Galaxy Digital UK Ltd., to engage in derivatives trading within the region. This new development can be seen as a major expansion of Galaxy Digital’s activities in the already vibrant financial sector in the UK.
The FCA authorization also expands Galaxy’s other services such as investment banking and asset management in the region. By obtaining such license, Galaxy Digital will conduct various operations associated with capital raising and investment banking for its clients in UK. Moreover, the FCA approval will help the company expand in areas related to assets management such as fund distribution.
Strategic Move to Strengthen Galaxy’s UK Footprint
According to the CEO of Galaxy Europe and Global Head of Sales, Leon Marshall, the approval from the FCA is crucial. He noted that the authorization allows Galaxy Digital has to offer an institutional client new trading solutions while meeting high regulatory requirements. The approval also highlights the company’s commitments to development in the UK, which is an important financial center for the global markets.
The license will enable Galaxy to expand its relationship with institutional investors to increase supply for the growing institutional demand for digital assets. The company has more than 1,300 institutional trading counterparties through North America, Europe and Asia. Through the FCA approval, Galaxy Digital now stands well equipped to expand to new locations as well as improve on its diverse services.
The UK’s Favorable Regulatory Environment for Digital Assets
Marshall also stressed the UK’s position in providing a legal framework that encourages innovation of the digital asset market. The government has come up with a clean regulation of the crypto assets that has seen many talents and investors be attracted to establish firms such as Galaxy. The clarity of regulations has also placed the UK among the most favorable jurisdictions for the industry, attracting innovation and growth.
The latest approval from the FCA also continues the company’s progress in acquiring approval from different regulations in various locations. The company had been previously registered with the FCA for some crypto-related activities in 2021. This new license aligns with its consistent endeavor to ensure that it meets regulatory requirements in significant markets as it seeks to establish itself as an industry giant.
These developments include the FCA consulting on clear and supportive regulatory guidelines for the techniques which is evident by the increasing number of crypto operating firms getting its approval to operate in the UK. Popular platforms such as Coinbase, Bitpanda and BlackRock, among others, have also obtained the status under the FCA’s crypto register. The entry of Galaxy in this sector will further boost the UK’s standing as a hub for crypto development.
