Galaxy Digital UK, the subsidiary of the Mike Novogratz-led digital asset financial services firm, has received crucial approval from the Financial Conduct Authority (FCA) for its application to execute derivatives trading in the United Kingdom.
This license is pivotal as the firm’s Investment Banking arm intends to leverage Galaxy Digital UK’s FCA authorization to offer capital raising and investment banking services. According to a recent statement issued on Wednesday, this endorsement will also bolster the subsidiary’s asset management operations through enhanced fund distribution activities.
Galaxy Digital UK has now been included in the FCA’s investment firms register, which is dedicated to firms authorized to engage in MiFID (Markets in Financial Instruments Directive) investment services and activities. Notably, the firm has been part of the FCA’s crypto register since 2021, underscoring its commitment to regulatory compliance and operational integrity.
Leon Marshall, CEO of Galaxy Europe and Global Head of Sales, emphasized the significance of this authorization, stating, “London is a critical financial hub, and this authorisation allows us to deepen our presence in the U.K., aligning with our mission to bridge traditional finance with the digital asset ecosystem.” This sentiment resonates with the ongoing trend of financial institutions increasingly integrating digital assets into their offerings.
The approval of Galaxy Digital UK sets a precedent in the burgeoning crypto landscape within the U.K., which has recently attracted other notable companies including Coinbase and Bitpanda. Moreover, firms like BlackRock have also made strides in securing their positions within the regulatory framework of the U.K.’s crypto market.
As the landscape for digital asset trading evolves, Galaxy Digital UK’s FCA license positions the firm advantageously within one of the world’s leading financial ecosystems. This move not only enhances the firm’s operational capabilities but also enhances the overall legitimacy of digital asset trading in traditional financial markets.
