UK regulator issues Koine e-money license

UK Financial Supervisory Authority (FCA) provided custodian of digital assets Koine Money Ltd. E-Money License (EMI).

The license will allow the company to issue its own digital money and provide other payment services to institutional clients. However, according to the company, the license does not certify or authorize custodial services for digital assets – these services “are outside the regulatory perimeter of the UK.”

While Britain remains in the European Union, the license is valid in European markets, however, after Brexit, which is scheduled for January 31, 2020, the situation may change. A Koine spokeswoman said Brexit will not affect their business approach.

“We believe in the importance of the UK as a focal point for our field of activity – we have not just applied for additional permissions. However, we maintain our international vision and have applied for a license in Luxembourg, which in itself is a major financial center. This will provide us with additional opportunities in the event of an adverse Brexit outcome. ”

She also noted that Koine is considering licensing in Abu Dhabi and the United States. Hugh L. Hughes, CEO and chairman of Koine, said the EMI license paves the way for new digital asset developments:

“With the EMI issued by FCA, we are fast moving towards introducing the market infrastructure needed to support institutional participation in the digital asset market.”

Recall that at the end of August, the American platform for trading stocks and crypto assets Robinhood received a license from the UK Financial Supervision Authority to work as a broker in the country.