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<h2 id="header-0"><strong>On December 1, the world&#39;s largest brokerage firm, TP ICAP, announced that it has received a crypto-asset service provider license from the UK Financial Conduct Authority (FCA).</strong></h2><p>The broker has entered the cryptocurrency sector using its proprietary OTC electronic platform called Fusion Digital Assets marketplace. The marketplace will provide clients with access to a non-custodial crypto asset exchange for order matching and spot <a href="https://www.coingabbar.com/en/crypto-blogs-english/how-to-start-trading-crypto-a-beginners-guide-to-crypto-trading" rel="noopener noreferrer nofollow">crypto trading</a>.</p><p>However, TP ICAP has yet to launch its crypto exchange services, despite confirming the upcoming services in mid-2021. Tullett Prebon (Europe) Limited will operate the exchange and will solely serve institutional market participants.</p><h3 id="tp-icap-s-crypto-moves">TP ICAP’s Crypto Moves</h3><p>The brokerage firm will enhance the effectiveness and automation of financial processes, as well as risk-mitigated trading and settlement. The addition of an industry leader in brokerage services spanning commodities, credit, stocks, and foreign exchange asset classes will boost the crypto market infrastructure.</p><p>The TP ICAP also intends to collaborate with a number of custodians to provide its clients with segregated interoperable custody services. The move comes as the UK&#39;s Financial Conduct Authority urged Legislators to support its decision not to license crypto exchanges like FTX.</p><p>Meanwhile, all crypto businesses operating in the UK are now required to register with the regulator as a result of the FCA&#39;s expanded authority over the country&#39;s cryptocurrency industry.</p><h4>Other exchanges operating in the UK need to be registered</h4><p>Most crypto-related businesses operating in the UK are currently not regulated by the FCA, instead relying on a registration process that focuses solely on anti-money laundering and financial crime safeguards.</p><p>However, after lawmakers approved amendments to the Financial Services and Markets Bill in October, the FCA&#39;s jurisdiction was expanded to <a href="https://www.coingabbar.com/en/cryptocurrency" rel="noopener noreferrer nofollow">crypto assets</a>, paving the way for a more complete set of rules for the sector. The bill had solely included proposals to extend existing restrictions to payments-focused stablecoins prior to the amendment.</p><p>The extension implies that exchanges must obtain a license from the FCA in order to regulate in the UK. However, if crypto exchanges failed to register themselves under FCA, the authority has the power to cease their operations.</p><p><strong>What are your thoughts on the FCA&#39;s growing control over crypto assets in the UK? Share your views in the comment section below.</strong></p><p><strong>Read also: <a href="https://www.coingabbar.com/en/crypto-currency-news/everything-you-need-to-know-about-indonesias-digital-rupiah-trial-run" rel="noopener noreferrer nofollow">Everything You Need To Know About Indonesia’s Digital Rupiah Trial Run</a></strong></p>

TP ICAP Gets Approval for Institutional Bitcoin and Crypto Exchange in UK

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