Galaxy Digital UK Receives Green Light from Financial Conduct Authority
Galaxy Digital UK, the British arm of the digital asset financial services firm led by Mike Novogratz, has successfully secured approval from the Financial Conduct Authority (FCA) for a license to engage in derivatives trading within the United Kingdom.
Investment Banking and Fund Distribution Services to Flourish
In addition to trading derivatives, Galaxy Digital UK plans to leverage its FCA authorization to enhance its Investment Banking services. This includes capital raising efforts and investment banking solutions, as outlined in a recent statement released on Wednesday. The subsidiary will also bolster its asset management operations through fund distribution activities, thereby creating a well-rounded financial service ecosystem.
Compliance and Registration: Key Steps for Galaxy Digital UK
Galaxy Digital UK is now officially listed on the FCA’s investment firms register, which includes firms authorized to provide MiFID (Markets in Financial Instruments Directive) investment services. The company has also been registered on the FCA’s crypto register since 2021, demonstrating its commitment to regulatory compliance in the rapidly evolving cryptocurrency landscape.
Strategic Importance of the UK Market
Leon Marshall, CEO of Galaxy Europe and Global Head of Sales, emphasized the strategic significance of this approval, stating, “London is a critical financial hub, and this authorization allows us to deepen our presence in the U.K., aligning with our mission to bridge traditional finance with the digital asset ecosystem.” This move signifies Galaxy’s dedication to integrating digital assets into mainstream financial practices.
UK’s Growing Appeal for Crypto Companies
The United Kingdom continues to attract a plethora of cryptocurrency firms, including well-known names like Coinbase and Bitpanda. Recently, BlackRock was also granted access to the FCA’s crypto register, reinforcing the U.K.’s status as a favorable environment for crypto businesses. This trend indicates a growing acceptance and regulatory infrastructure for digital assets in one of the world’s leading financial markets.
