Copper Technologies withdraws its application for a cryptocurrency license in the UK
Copper withdraws from the UK cryptocurrency market:
* Reason: The company, founded by Dmitry Tokarev and now led by Amar Kuchinad, focuses on international markets (Switzerland, Hong Kong, Abu Dhabi, the US).
* Context: The FCA (the UK's financial regulator) has set strict standards for cryptocurrency companies, and many applications have been rejected.
* Impact: Copper, backed by Barclays, was one of the leading companies in the sector in the UK. Its exit reflects the increasing difficulties in obtaining licenses in this market.
Key points:
* Change of strategy: Copper seeks global growth beyond the UK.
* Strict regulation: The FCA has tightened requirements for cryptocurrency companies.
* General trend: Many cryptocurrency companies face challenges in obtaining licenses in various countries.
Bottom line: Copper Technologies has decided to abandon its attempt to obtain a license in the UK and will focus on expanding its operations in other international markets, a decision influenced by the increasingly strict regulations of the cryptocurrency sector.