The growing appreciation of the cryptocurrency space by regulating authorities is not only to the benefit of the emerging industry but also indicates a better understanding of those who are making rules to govern them. As it stands, regulations are still very new, and there is a lot of ambiguity in the crypto payments sphere, but that is changing.
Global digital financial services group BCB Group has announced that its core operating subsidiary, BCB Payments Limited, has secured its Authorised Payment Institution (API) licence from the UK Financial Conduct Authority (FCA), establishing itself as the first and only crypto-focused Authorised Payment Institution.
This is a significant step for BCB, as this regulatory backing places them as a trusted and secure company in an industry that is still rife with uncertainty. It also allows BCB to fill the role of a B2B payment services provider, including business accounts and cryptocurrency market liquidity. This, in turn, helps ensure the market grows in a positive and secure manner.
Strong regulatory stance
BCB which provides B2B payment services for some of the world’s largest crypto-engaged financial institutions, including Bitstamp, Coinbase, Galaxy and Tagomi, now boasts a duel regulation offering in the end-to-end suite of payment processing, cryptocurrency trading and custody services accessible through a unified API-enabled platform.
Now, with this latest regulator green-light means BCB Group’s onboarding and servicing of global clients within its fully regulated UK and Swiss payments structure, allows them to trade and operate across both digital and traditional financial markets.
Oliver von Landsberg-Sadie, Founder and CEO, BCB Group, 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 need for stronger regulatory appeal from the cryptocurrency industry is one aspect that continues to drive its adoption. The space has cemented itself as an important emerging one that requires the attention of regulators to drive innovation.
This move from regulators to start examining certain businesses and facets of the industry, and grant these licenses allow for more certainty for other businesses wanting to be a part of the ecosystem.