BCB Group Bags FCA Approval For Authorized Crypto-Payments System

By January 30, 2020 Bitcoin Business
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Thursday, January 30, 2020 5:39 AM UTC

After Switzerland, the UK FCA approves BCB payments which are crypto-based. BCB group has managed to bag the approval from Financial Conduct Authority (FCA) of the United Kingdom for being an authorized payments institution (API) under the United Kingdom territory.

The Europe-based, ‘BCB Group’ exclusively targets crypto payments through BCB Payments mechanism. The UK’s regulatory watchdog now carried out comprehensive control points upfront while approving the APIs.

So is the case with BCB group, the UK FCA approves BCB Payments, such development is perceived as alluringly constructive for the entire gamut of cryptocurrencies and will assist cryptocurrency payments into the mainstream.

BCB Group is the only dual regulated institution of its kind to offer clients a complete end-to-end suite of payment processing, cryptocurrency trading and custody services accessible through a unified API-enabled platform, allowing clients to access a complete range of digital asset services in one place. With its proprietary API and integration into the Corda network with partner LAB577, BCB remains at the cutting edge of payments technology.

The granting of this licence by the FCA further supports BCB Group’s onboarding and servicing of global clients within its fully regulated UK and Swiss payments structure, allowing them to trade and operate frictionless, supporting flexibility and efficiency across both digital and traditional financial markets.

The founder and CEO, BCB Group, Oliver von Landsberg-Sadie, said: “this regulatory approval for our firm, a leading crypto-dedicated payment service provider, is a testament to how we’re able to push ahead with digital asset innovation while remaining in full compliance with some of the most stringent regulations in force globally.

Our clients demand robust technology and services to continue to innovate in digital markets. We believe BCB Group is the only crypto-dedicated financial institution regulated in this way globally, positioning us for a further year of strong growth as we continue developing the quality and breadth of our services for business clients across the world’.

The UK regulator the Financial Conduct Authority (FCA) has recently given the approval to ‘Prime Factor Capital’ to operate as a full-fledge alternative investment fund manager (AIFM). Prime factor Capital is headquartered in London, the crypto asset management firm is the first to be approved as a crypto-focused hedge fund by the United Kingdom’s market watchdog.

The two European companies have reportedly unveiled the world’s first genuine bitcoin (BTC) bond, as per a joint press release back in July.

Usually, the Financial Services Standards Association oversees the approvals related to cryptocurrency operations in Switzerland.

Cryptocurrency instruments, including payments & derivatives products have been under the meticulous scanner of the renowned global regulators, such as, US SEC, CFTC and UK’s Financial Conduct Authority (FCA).

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