Popular Brokerage Firm Obtains Two Crypto Licenses From Danish RegulatorsJune 14, 2022
The leading digital brokerage firm, GCEX, now has two operational licenses from Danish regulators. Thus, the firm is now a licensed VASP in Denmark for its crypto liquidity offerings. It can also run a crypto exchange.
Boosting Operations Across Europe
A major benefit of these new licenses is that it boosts GCEX’s operations across the European economic area. Before obtaining this new license, GCEX’s operations were limited to the United Kingdom since it only has an FCA-approved license.
GCEX founder and CEO, Lars Holst, spoke about the new licenses saying, “it is important that GCEX has a license that allows it to operate in various regions. Clients now have more options to access the market. They can choose any platform that suits their trading or investing style.”
Holst added, “Brexit has changed the business environment for UK regulated brokerages. We can no longer operate in other EU countries except we obtain another license from another EU country.”
Expanding Its Crypto Offerings
GCEX’s new VASP license enables it to expand its crypto services for its customers. Their customers can swap their digital assets for fiat. They can also perform peer-to-peer transactions. The GCEX CEO further said it is important that one of these new licenses enables the company to start running crypto exchange services.
GCEX’s new licenses come when the firm is trying to expand its services. Recently, the company added crypto offerings to its forex offerings. Even though its headquarters is in London, GCEX has branches in Malaysia, Denmark, and Scotland.
GCEX showed its intent to boost its operations in Denmark following the recent hiring of an experienced managing director for its Denmark operations. Michael Aagaard is the new MD for GCEX, Denmark.
Aagard also made comments on GCEX’s new licenses. He said, “a Danish operating license adds to the credibility of our offerings. Our next aim is to expand our offerings across Denmark. Consequently, we would be able to provide more jobs since we would need to grow our teams.” GCEX’s latest earnings report showed that the company’s 2021 gross revenue was $2.31M, while its operating profits were $1.73M.
Other VASPs Want To Explore The Crypto EU Market
Aside from GCEX, other crypto firms are also seeking to explore the crypto EU market. Recently, Cake DeFi (a DeFi platform out of Singapore) obtained an operating license from Lithuania regulators. Cake DeFi can also provide its crypto offerings across other EU nations besides Lithuania through this license.
Another important benefit of this license for Cake DeFi is that it will hasten the expansion of its crypto offerings across Europe when the mica policy takes effect. The policy would likely become law by 2024. This policy would boost crypto adoption across Europe. Hence, crypto firms that comply with this policy would benefit the most.