Cryptocurrency exchange startup Coinbase has announced that it has been granted an e-money license by the UK’s Financial Conduct Authority (FCA).
With this license, Coinbase would be able to issue e-money and provide payment services in the UK. The company would be required to meet the strict rules enforced by the FCA and the Payment Services Directive.
“We are committed to making sure customer funds are always secure and this update means that our e-money operations have safeguards and operational standards at par with other regulated financial institutions,” Coinbase said. “Our e-money license will extend beyond the UK to 23 countries within the EU. We believe that this is an important step towards our commitment to making cryptocurrency accessible to everyone.”
The announcement was made alongside another major announcement – Coinbase has become the first crypto-exchange to support the UK’s Faster Payments Scheme. With this, UK customers will benefit from faster, safer and seamless bank transfers.
“In another first, we are announcing today that Coinbase will add support for the UK’s Faster Payments Scheme (FPS). By replacing SEPA for UK customers, Faster Payments will offer a familiar payment experience and is supported by all major UK banks,” it added.
Coinbase said that it will commence with pilot, giving a small number of institutional users access to Faster Payments. It will be gradually rolled out to all UK customers in the coming weeks.
Furthermore, the company said that it plans to grow its London team eight times by the end of this year.
