Latham & Watkins has provided expert guidance to Coinbase, the trusted online platform for buying, selling, transferring, and storing cryptocurrency, in securing its Virtual Asset Service Provider (VASP) registration with the UK's Financial Conduct Authority (FCA). This milestone positions Coinbase as the largest registered player in the digital assets sector in the UK, allowing it to offer both cryptocurrency and fiat currency services in its largest international market.
Keith Grose, Coinbase's U.K. CEO, stated that this development “opens up new channels and opens up the ability to launch new products and services.” The company dedicated the past six months to achieving this approval, which will now enable Coinbase to provide both crypto and cash options for U.K. investors and traders.
With only 14% of applicants successfully gaining registration, Coinbase’s achievement is a significant feat. The platform has been operational in the U.K. since 2018 through its subsidiary, CB Payments Ltd., which offers e-money services. Coinbase can now engage directly with the FCA, eliminating the need for third-party approvals. Grose added, "We're excited to talk about things like staking, the future of stablecoins in the U.K., and being [virtual asset service provider] registered is part of that for us."
The Latham & Watkins team, led by London partner Stuart Davis, also the Co-Chair of the firm’s Fintech Industry Group, played a crucial role in helping Coinbase navigate the regulatory process. Davis was supported by London and Hong Kong Associate Sam Maxson, as well as London associates Emma Trankeenan, Lauren Chapple, Ivan Pizeta, and Ema Uncovska. London partner Christian McDermott and associate Tim Neo provided advice on commercial matters.
Coinbase is a leading global cryptocurrency platform that enables individuals and businesses to buy, sell, store, and transfer digital currencies. Founded in 2012 by Brian Armstrong and Fred Ehrsam, the company aims to create an open financial system for the world. With a user-friendly interface, Coinbase allows customers to access a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. The platform offers various tools for both beginners and experienced traders, including a secure wallet and advanced trading options. Coinbase is headquartered in San Francisco, California, and is one of the largest and most trusted cryptocurrency exchanges worldwide.
Latham & Watkins LLP is a leading global law firm known for its expertise in corporate, litigation, and transactional law. With over 2,000 attorneys in 14 countries, the firm advises clients across a wide range of industries, including technology, healthcare, finance, and energy. Founded in 1934, Latham & Watkins is renowned for its work with emerging companies, offering legal solutions for startups and growth-stage businesses. The firm’s Emerging Companies & Growth team helps navigate complex legal matters related to business formation, financing, and scaling, making it a trusted partner for innovative companies worldwide.
