The UK regulator issued Koine a license to work with electronic money

The UK regulator issued Koine a license to work with electronic money

The UK financial conduct authority (FCA) has granted digital asset custodian Koine Money Ltd. a license to work with electronic money (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 UK’s regulatory perimeter.”

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

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

She also noted that Koine is considering obtaining a license in Abu Dhabi and the United States. Koine CEO and Chairman Hugh L. Hughes said that the EMI license opens the way for the company to develop new digital assets:

“With the EMI license issued by the FCA, we are moving quickly to implement 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 financial supervision Authority of the UK to work as a broker in the country.