Bitcoin wallet and payment card provider Wirex has become the third crypto-friendly company in the world to be granted a UK Financial Conduct Authority (FCA) e-money license.
The license will enable Wirex to issue electronic money and provide payment services throughout the European Union and European Free Trade Association.
Following the receipt of the license, the Wirex app, wallets and cards will continue to function as normal for customers. However, gaining the FCA license will open up a much broader market for Wirex, allowing it to create e-money accounts in over 25 different currencies.
London-based Wirex is currently in the process of developing offerings in Asia, including Singapore and Japan, and North America.
Wirex handles cryptocurrencies and traditional fiat currency. A user can buy, store, exchange and spend crypto such as BTC, LTC and XRP as well as traditional currency such as GBP, USD and EUR in-app or on desktop.
It also provides a contactless Wirex Visa payment card to spend your cryptocurrency like traditional money, in shops, restaurants and on public transport as well as use it in ATMs. The card converts crypto into fiat currency for everyday use.
The FCA is an independent body, accountable to the UK Treasury. It regulates over 56,000 UK financial services and markets. The approval process for e-money license is stringent and can take up to 12 months for the FCA to determine whether or not to grant a license.
US-based Coinbase was the first cryptocurrency exchange to be granted an e-money license in mid-March. It was also the first to open a UK bank account and gain access to the UK's Faster Payments Scheme (FPS).
In late July, UK-based ai Corp. and its suite of online payment and fraud prevention solutions became the second to be granted the FCA e-money license.
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