A British crypto company, BCB Payments, a subsidiary of BCB Group, has been awarded a license for payments by the FCA. BCB Group has deep ties to the crypto community. It has been servicing large financial institutions like Coinbase, Bitstamp, Galaxy Digital, And Tagomi.
January 30, 2020, | AtoZ Markets – London-based global digital financial services firm BCB Group has announced it has secured an Authorised Payment Institution (API) license from the Financial Conduct Authority (FCA). The watchdog undertook detailed checks before issuing the edict for APIs.
In recent times, the UK authorities have been sending the right signals when it comes to crypto developments. Hence, the license granted by the British regulators is a positive development for the industry. BCB Group provides crypto payment processing solutions, especially in the European market. The acknowledgment of such crypto players in the traditional financial sector will help bring cryptocurrency payments into the mainstream.
UK FCA and Switzerland approves BCB Payments
In what will be seen as a feather in the BCB Group’s cap, it now sports approval from two leading European nations, namely the United Kingdom and Switzerland. The UK FCA approves BCB Payments after it recently got similar approval from the Swiss authorities as well. The Financial Services Standards Association oversees the approvals related to cryptocurrency operations in Switzerland.
In Switzerland, however, the BCB Group’s arm called BCB OTC Trading SARL has secured approvals to provide cryptocurrency-related solutions. Currently, it has the distinction of being the sole firm with dual approvals to provide its users an integrated suite of crypto payments, trading and custody solutions.
It also uses the Corda R3 blockchain network with a custom API delivering a range of digital payment processing solutions.
Furthermore, Oliver von Landsberg-Sadie, founder and CEO at BCB Group, has pointed out that the latest regulatory clearance indicates that the blockchain and crypto sector is able to expand while complying with “some of the most stringent regulations in force globally.”
Recently, the FCA announced that it has started overseeing whether crypto-focused firms are complying with AML guidelines. In this regard, on January 10, the FCA has become the country’s only AML authority for the crypto industry.
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