The UK's Financial Conduct Authority (FCA) has registered Switzerland-based market maker liquidity provider Portofino Technologies, allowing it to serve cryptocurrency institutional clients in the UK.。

The move is said to have enabled the company to work with major banks, trading platforms, brokers and institutional investors.。In addition, the certification allows the company to offer OTC services in the UK and Switzerland.。

Institutional Access and Compliance

Alex Casimo, co-founder and chief operating officer of Portofino Technologies, said: "Receiving FCA approval to operate in the UK as a crypto asset trading company is an important milestone for Portofino Technologies, allowing us to expand our institutional client base.。"

"After successfully building our OTC product, Porfino sees the growth of customer franchises as an important profit driver for the company in the coming years.。"

The expansion of Portofino Tech's OTC business heralds a growth trajectory for its cryptocurrency offerings, with the goal of expanding its liquidity services globally by aligning with FCA's regulations.。

Founded in 2021, Portofino Technologies is a market maker and liquidity provider that provides trading infrastructure for the digital industry.。By 2023, Portofino reportedly received $50 million in funding from investors including Coatue Management, Valar Ventures and Global Founders Capital.。

UK Cryptocurrency Regulations

Recently, the UK Financial Supervisory Authority issued an e-money institution license to payment platform Volt.。Under this approval, Volt's cash management product Connect will issue virtual accounts to merchants to facilitate real-time account-to-account payments.。

This enhancement increases the visibility and control of merchants throughout the payment process, and addresses common challenges faced by businesses in the payment process。In addition, EMI licenses enable Volt to offer separate virtual accounts。

Recently, the UK government unveiled plans to introduce comprehensive regulations for the cryptocurrency industry over the next six months for stablecoin and betting services.。Among them, stablecoins are cryptocurrencies that are pegged to assets such as the US dollar or the British pound and are designed to minimize volatility and provide stability to the cryptocurrency market.。