The BPX Exchange, a tokenization platform, has been accepted into the UK’s crypto register as of Thursday, marking the first new entry since April and only the third addition this year, according to the Financial Conduct Authority (FCA).

This approval allows the BPX Exchange to offer its services to clients in the UK, while also enabling the company to oversee the promotions of “members of its wider group,” as stated on the regulator’s website. However, it must be noted that BPX will not be permitted to operate a crypto exchange or provide services to retail clients.

Digital asset firms desiring to function within the UK must be registered with the FCA and adhere to its anti-money laundering and promotion regulations, which are in place to stop unauthorized firms from reaching clients in the UK. Since 2020, only 52 firms have secured approval, including notable entries like Coinbase and BlackRock earlier this year.

The UK has been actively working to establish itself as a leading hub for cryptocurrency by introducing new legislation and consulting with various firms. The current government aims to transform the country into a center for tokenization, a process where companies develop virtual investment vehicles on the blockchain tied to real-world assets such as securities.