FCA adds Genesis Custody to its Temporary Crypto Register

[Walterhank]

Genesis, a crypto firm offering services to institutions, has been added to the UK Financial Conduct Authority’s temporary crypto register.

Prior to this registration, the firm had been left out of a list of nearly 90 other companies that the Financial Conduct Authority had authorized for operational activities.

The FCA is a government body responsible for regulating all financial activities in the United Kingdom. All UK companies, individuals, and entities have to be assessed by the regulatory body and promise to uphold a provided framework of conduct before they can do any trading, banking, accounting, etc.

So, do you think it will have any impact on Bitcoin's position?

_{Source
https://mycryptoparadise.com/the-fca-adds-genesis-custody-to-its-temporary-crypto-register/}

[avikz]

What is the significance of having Genesis added to FCA's crypto register? Does it give more legal power to provide crypto service to institutions? Or is it something bad like future possibility of government audit or similar stuffs!

What I understand from the article, is that Genesis will now have a chance to become a fully registered UK company. I believe, that will be a good news for the market because many other companies may become interested to pour money into crypto market through a registered intermediary. That means additional liquidity!

I am becoming little skeptical about corporate money into crypto market. Might not be a good news for decentralized currency system like Bitcoin!