Cryptocurrency trading platform coinpass has secured registered status with the UK’s Financial Conduct Authority as a cryptoasset firm.

According to the company, the registration has brought coinpass another step closer to its “vision” where transactions between traditional and crypto assets can be conducted on a single digital layer.

The move also underlines the importance of regulated status to many of the crypto trading platforms and services in the market looking to attract a mainstream investor base.

One of the barriers to wider adoption has been a lack of regulated trading platforms based in onshore markets such exposing UK investors to potential money laundering and loss of funds by using offshore unregistered exchanges when trading the likes of bitcoin and ethereum.  

“We understand and fully support that to evolve the cryptocurrency market to be more inclusive and attractive to a larger number of users, we would require regulatory guidelines for exchanges and gateways,” said CEO Jeff Hancock.

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