TP ICAP gets crypto exchange license in the UK

Representations of cryptocurrencies plunge into water in this illustration taken, May 23, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Dec 1 (Reuters) - TP ICAP Group (TCAPI.L) has got a license to register as a cryptoasset exchange provider with UK's financial regulator through its Fusions Digital Assets marketplace, the world's largest inter-dealer broker said on Thursday.

The company, which offers broking services across commodities, credit, equities, FX asset classes, added the crypto exchange platform, which is for institutional investors only, will be operated by its unit Tullett Prebon Ltd.

The news comes weeks after Britain's Financial Authority (FCA) called on lawmakers to show their support for its unpopular decision not to grant licences to scores of crypto exchanges like FTX, which recently collapsed.

TP ICAP launched its wholesale trading platform for cryptoassets in June last year pending registration approval with the FCA.

"Until now the wholesale digital assets market has lacked the credible infrastructure and assurance necessary for them to allocate capital," Duncan Trenholme, co-head of digital assets at TP ICAP Group, said.

Britain will have the power to regulate all cryptoassets under a proposal the UK financial services minister has added to a draft law before parliament that will almost certainly pass, according to a report from October.

Reporting by Sinchita Mitra in Bengaluru; Editing by Savio D'Souza and Shounak Dasgupta

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