Wirex, the London-based crypto/fiat payment platform, has received an e-money license from the UK's financial watchdog FCA (Financial Conduct Authority) and becomes the third crypto-friendly company in the world to get this license. This license will help the company reach broader markets by allowing it to create e-money accounts in over 25 different currencies, the company said. Wirex is also in the process of developing offerings in Asia (including Singapore and Japan) and North America in order to deliver a comprehensive service to its global users, it added.
The approval process for getting an FCA license is stringent – it can take up to 12 months. Earlier in March of this year, Coinbase had received an e-money license from UK's FCA, which allowed the company to operate in 23 European Union (EU) member nations.
Wirex co-founder Dmitry Lazarichev said:
"The license is a testament to the fact that the company is committed to pursuing and achieving the highest levels of diligence and integrity in its business operations. Wirex’s submission to the FCA’s jurisdiction should leave customers in no doubt that Wirex will provide them with a best-in-class platform and accompanying service”.
Lazarichev added that the license will not materially affect how they engage with its current clients, although they will benefit from more streamlined services and potentially even lower rates than they currently offer. Wirex co-founder, Pavel Matveev said that in the long-term, an FCA e-money license will allow them to better serve its customers, with less reliance on third parties, which means faster and cheaper services.
The UK FCA is reportedly looking to tighten up regulation of the e-money sector with stringent rules such as ensuring client assets are adequately protected, managing conflicts of interest and acting with integrity, skill, care, and diligence. The regulator believes that these measures should help customers to better understand the standards that it expects of firms in the market, and will make it easier for it to intervene when it sees the harm.