IG becomes first UK-listed broker to be granted a crypto licence
Investment platform IG, has been granted a crypto asset licence by the UK’s financial watchdog enabling it to expand its services and cement its position as a multi-asset trading platform.
The decision makes IG the first UK-listed broker to join the Financial Conduct Authority’s (FCA) crypto asset register, marking a significant milestone for the rapidly growing UK sector.
The move will enable the firm to significantly expand its crypto offerings to customers, after launching crypto trading in June through a partnership with FCA-registered firm Uphold, prior to getting its licence.
IG customers will now be able to transfer crypto assets in and out of the IG platform as well as access additional features due to being added to the register.
The trading platform will also expand the range of assets available as well deliver more accurate pricing for clients.
Broaden offerings
Michael Healy, UK managing director at IG, said: “This marks a significant step forward for IG as we continue to broaden our offering for UK investors.
“The FCA licence not only enables us to provide a wider range of crypto services, but it also gives our customers greater flexibility and control.
“We’re excited to bring more than five decades of market experience to help shape the future of the UK’s rapidly growing crypto sector.”
Healy also thanked the FCA for its “efficient registration process” before acknowledging it will continue to work closely with the authority as it builds out its crypto offerings.
FCA effort to grow crypto regulation
The decision follows the FCA’s increasing focus on regulating the cryptocurrency market in the UK, ensuring all companies operating in the sector comply with high standards of conduct.
The authority’s involvement has been noted as crucial in boosting investors’ trust in the asset class, and IG’s ability to offer regulated services is expected to help meet the growing demand for crypto.
The move is also expected to increase IG’s market share in the sector.
Other prominent businesses on the register include Gemini, Coinbase and Coinpass.