The Financial Conduct Authority (FCA) granted Ziglu, a cryptocurrency-friendly Electronic Money Institution, a licence. Following this, it launched P2P payments for fiat and cryptocurrencies, The Block.
London-based Ziglu applied to regulators for permission in May 2019. Founder and CEO Mark Hipperson described the EMI licence process as ‘long and difficult’.
“I wouldn’t want it to be any other way. This shows that the FCA selects companies that will take compliance, risk management and customer data seriously,” said Hipperson.
The Ziglu app supports the British pound, Bitcoin, Ethereum, Litecoin and Bitcoin Cash. The bank charges a 1.25% fee on transactions.
In the near term, Ziglu plans to issue a Mastercard debit card supporting fiat and cryptocurrencies, and to develop credit and insurance products.
Earlier, the Swiss financial regulator granted approval to the local cryptocurrency bank Sygnum for primary issuance, custody and trading of securities.
Earlier, Bank of England Governor Andrew Bailey said that Bitcoin has nothing to do with money. In his view, cryptocurrencies are unlikely to be a suitable investment due to their high volatility.
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