Tokenization platform BPX Exchange was added to the U.K.'s crypto register on Thursday, marking the first new addition since April and only the third this year, according to the Financial Conduct Authority's (FCA) website.

BPX Exchange, which operates as a digital securities exchange for investment funds, will now be permitted to reach out and offer its services to clients within the country. Additionally, it can approve the promotions of "members of its wider group," as stated on the regulator's website. However, BPX Exchange will not be able to operate a crypto exchange or offer any services directly to retail clients.

Digital asset firms wishing to operate in the United Kingdom are required to be registered with the FCA. This registration necessitates compliance with the FCA's stringent money laundering and promotion rules. These regulations are in place to prevent unauthorized firms from accessing U.K. clients.

Since 2020, a total of 52 firms have successfully been approved and added to the FCA's crypto register. Notably, crypto exchange Coinbase and asset manager BlackRock also joined the register earlier this year.

The United Kingdom has been actively taking steps since 2022 to establish itself as a prominent crypto hub. These efforts include laying out new legislation and engaging in consultations with firms to establish new rules for the rapidly evolving industry. Furthermore, the current government has expressed its ambition for the country to become a leading tokenization hub.

Tokenization is a process where companies create a virtual investment vehicle on a blockchain. This digital vehicle is directly linked to real-world assets, such as securities, effectively representing them in a digital format.