Amber Group, a leading global digital asset platform, has announced that its UK subsidiary, WhaleFin Technologies (UK) Limited, has secured the Financial Conduct Authority (FCA) approval to become the Appointed Representative (AR) of FCA-authorised Strata Global Limited. The FCA approval marks the beginning of a partnership between WhaleFin Technologies and Strata Global which will facilitate Amber Group’s market entry into the UK.
“Securing the FCA’s approval as an AR is a significant milestone for Amber Group in the UK – a market that is synonymous with a sophisticated financial and regulatory ecosystem, global connectedness, and an intuitive base for crypto demand and innovation in the region,” said Amber Group’s Global Chief Executive Officer, Michael Wu. “As Amber Group expands our global footprint, we are committed to upholding the highest regulatory compliance standards as we continue to innovate and bring our regulated products and services to market.”
Amber Group first put down its roots in the UK in September 2021, having observed the digital assets market potential in the UK. An FCA study on crypto-assets ownership estimated that there are currently up to 2.3 million crypto users in the UK in 2021, an increase from 1.9 million in 2020. The study also found that there has been a fundamental attitudinal shift towards crypto-asset adoption, with more than half of UK users expressing their intention to invest more in crypto assets as an alternative or in tandem with mainstream investments.
“We are thrilled to be making inroads into the UK alongside our well-established partner, Strata Global Limited. Together, we look forward to strengthening Amber Group’s foothold in one of the world’s leading financial markets while upholding the standards and trust expected of an FCA-approved institution,” added Wu.
“It is an incredibly exciting time for us as we support Amber Group in building a business in one of their key markets from the ground up. We are looking forward to a long and successful partnership,” said Strata Global’s co-founder Nick Andrews.
As an AR for an FCA-authorised firm, WhaleFin Technologies will be able to introduce regulated products and services in compliance with the UK financial market regulations. Besides this, WhaleFin Technologies is in the midst of applying to the FCA for an e-money licence as well as registering with the FCA’s Cryptoasset AML/CFT regime. Once granted, WhaleFin Technologies will be able to offer an even wider range of services such as debit cards, cryptocurrency trading and digital asset trading to both institutional and retail clients.
Olaf Ammermann, Managing Director of WhaleFin Technologies UK, concluded: “We are taking a firm step towards becoming a fully regulated and authorized financial services firm in the UK, and to that end, we are committed to building an integrated digital finance company that meets the needs of the UK market for the long term.”