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The U.K.'s Financial Conduct Authority has granted Coinbase a license for electronic money, the company said on Wednesday. Now the license allows the company to provide payment services and issue digital alternatives in cash, which can then be used to make card, Internet or phone payments.
The representative of Coinbase explained that electronic money is different from cryptocurrencies. Thus, the license extends to strict rules aimed at protecting customers, according to a press release.
It is noteworthy that the FCA license allows Coinbase to operate in 23 EU member states, although it is unclear whether the forthcoming U.K exit from the EU will affect that.
The spokesman said that Coinbase can trade inside the union to the so-called "Brexit". If certain rules allowing a company to continue trading are not retained, the company must suspend operations until a second license has been granted from the member state.
In addition to its new electronic money license, Coinbase announced it was joining the U.K. Faster Payments Scheme, which goal is to provide effective bank transfers to residents. While Coinbase will launch the pilot for the beginning, every customer of U.K. must have access within the next few weeks, according to the release.
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