Copper withdraws application to register as a crypto asset institution in the UK

CUSTODY and collateral management specialist Copper has pulled its application to register as a crypto asset institution in the UK.

The London-based blockchain firm announced the decision this morning, citing its focus on targeting "a global growth strategy".

This decision, Copper says, advances the plans outlined by new CEO Amar Kuchinad, appointed in October 2024, to drive the growth of asset tokenisation in the traditional finance sector and continue the expansion of Copper’s product portfolio.

This will entail a strengthened focus on blockchain-enabled risk mitigation and collateral management solutions for global financial institutions, the company stated.

This strategy is designed to position Copper to be able to capitalise on renewed growth opportunities across priority markets, including the US, Europe, and the Middle East. Company chiefs say the custody services will remain a core component of its product offer, and will continue to provide these under its existing licenses.

Last month, Copper launched custody services for money-market fund tokens, following further regulatory approvals from the Financial Services Regulatory Authority for the Abu Dhabi Global Market. Copper customers can now also deploy these money-market tokens as collateral in derivatives trades.

“Refining Copper's global growth strategy has been my priority since joining, and this has necessitated key decisions on our direction and approach," Kuchinad said.

"Withdrawing our application to register as a crypto asset institution in the UK is the right decision for our business, and reflects our refocus on driving growth in priority markets and the expansion of our product portfolio.

"We remain committed to the UK, which has been, and will continue to be a central part of the Copper story."