Lately, the news about cryptocurrencies and regulators has been quite bleak, but there has been some good news as well. The UK's Financial Conduct Authority (FCA) has granted Coinbase a license to operate digital money services.
This not only means that Coinbase can issue electronic money and provide payment services in the UK and EU, but also that customers' money is distributed and will not be absorbed or lost if the exchange fails or goes out of business. This license is different from a banking license, which provides additional regulatory protection for stored funds, but it will enable the exchange to optimize its operations and customer service in the UK and EU.
Coinbase is also going to support the UK initiative to develop a Faster Payment Scheme (FPS), according to which payment waiting times will be reduced from 3 days to several hours. Since FPS is supported by major UK banks, Coinbase promises that payments will be made in the same way as usual, only faster and more secure. The service will be in testing mode for now, but Coinbase intends to soon attract all its customers in the UK.
In a blog on social networks, the exchange's CEO Zeeshan Feroz wrote:
“The license requires that Coinbase's digital cash transactions comply with strict rules set by the FCA and the Payment Services Directive. This will help us provide services to customers in accordance with international ones. standards".
According to http://www.gizmodo.co.uk
You May Also Like
Coincheck reported growing losses in the third quarter of 2018
Japanese cryptocurrency exchange Coincheck continues to struggle for financial stability after becoming the victim of the largest hacker attack in the history of the crypto industry earlier this year. However, the company has so far reported losses totaling more than $5 million for Q3 2018.
IRA Financial pension accounts hacked for $36 million
IRA Financial was hacked for $36 million. On February 8, hackers stole $21 million in Bitcoin and $15 million in Ethereum from IRA Financial Trust retirement accounts.
