E-Money License grant from UK Financial Conduct Authority to Coinbase
Coinbase had an E-Money License grant from UK Financial Conduct Authority. In 2014 coinbase expanded its digital currency in the European Union. In 2017 it has seen its European market grow twice quickly as any of its other markets in the UK.
Coinbase received the grant of E-Money License from the Financial Conduct Authority in the United Kingdom
On Wednesday 14 March 2018, Coinbase got the license from the Financial Conduct Authority. Also, that allows the provision of payment services. Furthermore, this makes payments for internet services, cards, and phones.
Coinbase UK CEO talk about E-Money License
Coinbase’s UK Chief Executive Zeeshan Feroz said that coinbase has got an E-Money license from the UK Financial Conduct Authority (FCA). Europe is a basic market for coin base, and the UK is of particular interest because of its fastest-growing market in Europe. He shows that the license is only for coinbase’s fiat activities or money moving in and out of coinbase and between users. But the license is not for its cryptocurrency dealings. He said that E-Money License is for the UK, and 23 countries in the European Union. In that case, coinbase can issue e-money, and provide services concerning payment in the UK. Also he said that having the FCA E-Money License is a compliance approval, and the KYC process we have.
The Fast Payments Scheme (FPS) in the UK
Feroz said that The Fast Payments Scheme is a UK banking initiative. It is for reducing transactions. The Fast Payments Scheme is the basic infrastructure for money payments used in the country. Also, he said that Coinbase will add support to The Fast Payments Scheme in the UK which all major UK banks support. This support will make customers see deposits in a vast improvement and withdrawal experience. The access of Coinbase to the FPS means that the customers in Britain will not have to convert their cryptocurrency assets to Euros then to Pounds in Estonian bank. To withdraw cryptocurrency from Coinbase this process takes a few days and adds on exchange rate changes. Coinbase will begin to plan for the scheme to be for a small number of customers. After that, it will roll out to all the customers in UK next weeks.
Coinbase to get a bank account with Barclays bank
Coinbase is the first cryptocurrency exchange to get a bank account with Barclays in the UK. This partnership with Barclays gave the cryptocurrency exchange, and wallet service access to the Faster Payments Scheme in the UK. Coinbase and its platform in trading, Global Digital Asset Exchange (GDAX) had the support of Segregated Witness and Bitcoin (BTC) scalability upgrade. That is to make the times in transaction are less for the customers. After that, there was a fix in a problem concerning the payment gateway system. That happened after this problem caused many customers to lose funds from transactions in BTC.
Cryptocurrency regulatory in the United Kingdom
Financial authorities and regulators in the United Kingdom have a warning about cryptocurrencies. Bank Of England Governor, Mark Carney showed that he wanted more regulation in cryptocurrency. Furthermore, some British lawmakers made an inquiry into digital currencies last month. They made that for recognizing the risks posed to businesses, consumers, and the government.
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