Copper Technologies Shifts Focus to Global Crypto Markets

Copper Technologies has decided to move its focus from the UK to international markets, likely in search of a more favorable regulatory environment. Led by new CEO Amar Kuchinad, the company aims to establish itself as a global force in the crypto industry.

New Leadership and Global Focus

Copper Technologies, a London-based crypto custodian, has pulled its application to register with the UK’s Financial Conduct Authority (FCA). This decision comes as the UK continues to tighten its grip on crypto, making it less appealing for crypto trading in the US and beyond.

With Kuchinad at the helm, Copper is looking overseas to secure its place in the global crypto market. The firm has already obtained licenses in Switzerland, Hong Kong, and Abu Dhabi, with a keen eye on potential opportunities in the US.

Kuchinad did not provide further details on this new strategy but emphasized the need to strengthen the company’s international presence, something that has required some tough choices along the way.

Challenges in the UK Crypto Landscape

Copper’s struggles are indicative of the broader challenges within the UK’s crypto regulatory framework. Since the FCA tightened regulations in 2022, fewer than 10% of applicants have successfully registered.

Tulip Siddiq, the UK’s Economic Secretary to the Treasury, recently unveiled a proposed regulatory framework. While it aims to consolidate rules for various crypto assets, including stablecoins and staking, it remains a work in progress.

Industry insiders argue that the FCA’s stringent requirements have hampered innovation, pushing firms to more favorable jurisdictions.

Global Competition for Crypto Firms

Meanwhile, global markets are vying for crypto firms. Hong Kong has recently licensed four new crypto exchanges, further solidifying its ambition to become a top crypto hub. The US is also making strides to attract crypto businesses, with the incoming leadership promising a streamlined regulatory process.

Copper’s pivot to international markets reflects a broader trend among UK crypto firms looking for greener pastures. As the industry’s competitive landscape evolves, it will be interesting to see how this impacts both the company and the wider market.