UK Watchdog Grants Third E-Money License to #Crypto Company
UK watchdog The Financial Conduct Authority (FCA) has granted its third e-money license to a crypto-related company. The new license has been issued to Wirex, whose main product is a prepaid debit card that converts crypto into fiat currency for everyday use. The FCA granted an e-money license to major US crypto exchange and wallet service Coinbase this March, which applies to the firm’s fiat, not cryptocurrency, dealings. The license has facilitated Coinbase’s cooperation with UK banks and its access to the UK’s Faster Payments Scheme (FPS), as well as contributing to its ability to roll out support for the Pound sterling on its trading platform this August. Alongside licensing issuance, the FCA established a UK fintech sandbox in March 2016 with the purpose of facilitating innovative fintech development within a protected testing environment that eases strict regulatory requirements. In March 2018, the FCA extended its sandbox globally, aiming to accelerate global cooperation in the financial sector.