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Crypto custodian Koine Money Ltd. has successfully obtained an e-money license – called the electronic money institution license – from the UK Financial Conduct Authority (FCA) allowing the company to provide e-money payment services to institutional clients. However, the license doesn’t grant the company the authority to conduct its business on digital assets settlements.
In a press release, Koine said that its crypto custody and settlement services are currently beyond the United Kingdom’s regulatory perimeter.
Another important thing to remember is that while the license is applicable across Europe, it’s only valid as long as the United Kingdom stays in the European Union.
The voting for Brexit was supposed to occur on Oct. 31 but was subsequently delayed. Now, voting has been moved to Dec. 12, with the U.K. slated to leave the E.U. on Jan. 31, 2020 should MPs decide to favor the withdrawal, BBC reported.
Koine to expand globally
Despite the uncertainty surrounding Brexit, Koine isn’t taking any chances and is currently working to acquire more licenses on more territories including Abu Dhabi and the United States. The company’s spokeswoman told CoinDesk that even though the U.K. remains one of its business foundations, its aim to spread its influence across the globe is still in effect.
“We believe in the importance of the UK as a focal point for our line of business, to the extent that we have applied to additional permissions in the country for securities. However, we retain our international vision and, in applying for licenses in Luxembourg, a major financial center in its own right, this provides optionality in the event of an adverse Brexit scenario,” the spokeswoman said.
More uncertainties for Koine moving forward
Meanwhile, Koine chairman and CEO Hugh L. Hughes said that acquiring the license from the FCA is a sign that London can be a great source of financial investors that can join the emerging digital ecosystem. It also shows that if companies are willing to work with regulators and abide by the restrictions that authorities have put in place, then obtaining a green light from proper channels can definitely be achieved, Finance Magnates reported.
Whatever happens with Brexit, Koine is now moving forward with its plan to grow its business. It would be interesting to see how Koine will convince the U.S. and Abu Dhabi for the license acquisition given that both have been trying to impose regulations on the crypto market in recent years.
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