Copy link
Increase text size
Decrease text size
Link copied

London-based DAG Global to apply for UK banking license to serve crypto firms

Image by DAG Global

Tue, 11 Feb 2020, 11:00 am UTC

London-based startup DAG Global wants to be the “first digital assets merchant bank” in the U.K and is applying to obtain a full banking license to achieve its goal, the Financial Times reported.

On its website, DAG says that it aims to deliver “next-generation merchant banking solutions to the underserved fintech, digital and SME sector, by re-establishing the historic and trusted connection between bank and client to promote dynamic and sustained future growth.”

The company first applied for a license in 2018. However, following the failed attempt, it reportedly engaged in constructive dialogues with the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). DAG intends to resubmit its application next month with plans to offer bank accounts to crypto firms starting next year.

"DAG is currently applying to the PRA to obtain a full UK banking license. This will allow us to provide a full suite of classic products and services across digital and fiat currencies and asset classes," the company said.

Speaking with the publication, DAG CEO Sean Kiernan said the regulators have not raised any red flags so far.

The company emphasized that the current lack of crypto-friendly banks is one of the biggest problems facing SMEs that are trying to access the digital asset ecosystem. Most traditional banks are hostile to crypto companies due to the lack of regulation and fears over money laundering.

DAG Chief Commercial Officer Stephanie Ramezan revealed a growing demand for the company's services as crypto businesses have to face a lot of challenges to meet even their basic banking needs in the UK.

"We’re being approached on a daily basis by corporates in the space because people are fed up with what they’re faced with to meet basic business banking needs at the moment," he said.

CoinDesk reported that DAG wants to address this issue and join other financial institutions, such as Clearbank and its partner BCB Group, that are officially licensed and willing to serve the local crypto ecosystem.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.05.04 02:35:32
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more info....contact me on whatsapp :+12067425358 happy new year to you all .
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $11,728.20 (+4.58%)
  • Ethereum (ETH) $400.94 (+2.67%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $294.10 (+1.90%)
  • Bitcoin SV (BSV) $234.05 (+3.86%)
  • Bitcoin (BTC) $11,728.20 (+4.58%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft