Crypto Frontline

UK’s FCA Authorizes Crypto Payments Institution

UK’s FCA Authorizes Crypto Payments Institution
January 30
08:45 2020

On January 29th, BCB Group, a European crypto-focused payment processor for major crypto firms, had announced that it had secured a license from the United Kingdom’s Financial Conduct Authority (FCA). The firm’s core subsidiary BCB Payments is now an Authorized Payment Institution (API), and it’s regulated in both the UK and Switzerland.

Based on a recent article from bcbgroup.io, the company praised to be “the only dual regulated institution of its kind to offer clients a complete end-to-end suite of payment processing, cryptocurrency trading, and custody services accessible through a unified API-enabled platform”, opening the room for broader regulated digital asset services.

UK -a potential crypto hub?

Some of the latest developments suggest the UK is moving towards a deeper integration of crypto-related assets. Just recently we’ve talked about how the HMRC had taken steps to combat crypto tax evasion, showing that the country will only allow companies and people to operate within a regulated framework.

In January 2019, the FCA had issued a guidance for crypto regulation and since then we’ve heard about any major steps regarding crypto-related companies. The granting of the BCB Group license shows that the Authority supports servicing global clients within a fully regulated environment, allowing trading and operating frictionless, while also supporting flexibility and efficiency across the digital asset markets.

 What does BCB Group have to offer?

The latest BCB Group website post also highlights some of the main services of the company, talking about B2B payment services and cryptocurrency market liquidity:

In a market poorly serviced by mainstream banks, BCB has a dedicated focus on B2B payment services including business accounts and cryptocurrency market liquidity for some of the world’s largest crypto-engaged financial institutions, including Bitstamp, Coinbase, Galaxy and Tagomi. BCB Payments’ sister company, BCB OTC Trading SARL, is already regulated by the VQF, an SRO of FINMA, in Switzerland.

This is clearly one of the reliable crypto firms, providing quality services and carrying a solid reputation in the industry. For more than a century, the UK had been one of the global financial centers and given how things evolve, it could be at the center of the ongoing digital financial revolution.

With interest from the private sector and the willingness of government authorities to develop regulation, we should expect more good news from the UK. At the time of writing, cryptocurrencies continue to advance higher, as positive momentum seems untouched by any negative factors.

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