Genesis, a crypto firm offering services to institutions, has been added to the UK Financial Conduct Authority’s temporary crypto register.
Prior to this registration, the firm had been left out of in a list of nearly 90 other companies that the Financial Conduct Authority had authorized for operational activities.
The FCA is a government body responsible for regulating all financial activities in the United Kingdom. All UK companies, individuals, and entities have to be assessed by the regulatory body and promise to uphold a provided framework of conduct before they can do any trading, banking, accounting, etc.
The FCA disclosed its temporary registration regime on 16th December. All companies that had temporary registered by the firm got extended for a functionality period of up to 6 months. During this time, the FCA will decide as to whether or not to register said companies entirely.
Hadn’t the FCA added Genesis custody to its registered list, the firm would have had to stop its operations on 10th January, which was the indicated deadline for all British companies to register.
Genesis’ Operational History
Genesis launched the first OTC Bitcoin trading in 2013. Over the years, the company has broadened its suite of activities to include prime brokerage and Institutional lending.
In September last year, the company branched into custody after acquiring London-based start-up vo1t in May. Vo1t is a digital custodian for banks, fund managers, and crypto exchanges. Genesis has been able to integrate the custody technology from vo1t and has successfully launched quick, effective and streamlined access to assets.
Now that Genesis has obtained regulatory approval to continue with its operations. It stands better ground to further its vision of becoming an agency trading venue and launching an institutional lending API.