What Circle's UK E-Money License Means for Bitcoin and Blockchain
Circle Internet Financial set off a wave of positive press last week when it revealed the news that it had become an electronic money institution registered under the Financial Conduct Authority (FCA) in the UK. Though enthusiasm was high, there was confusion over the nature of the licensing and how it enables Circle to further its operations. Of note, is that the e-money license is not digital currency-specific, with the E-Money Directive being introduced in the UK in September 2009. The FCA, sources noted, is still debating how it will seek to regulate digital currencies in the UK.....
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“Bitcoin Bank” Circle announced that people in the U.K. can now experience social payments over the open Internet in their native currency, pound sterling (GBP), using Circle’s updated apps for Android, iOS and the Web. The company was granted an e-money license by the U.K. Financial Conduct Authority. Circle is extending the ability to hold and pay in U.S. dollars, available in all U.S. states, to Circle account holders in the U.K. British Circle users are now able to hold GBP and make GBP payments instantly, with zero fees. Circle also announced that it’s eliminating transaction and....
Circle, a Bitcoin exchange and services startup is granted an electronic money license by the British government through its foremost financial regulator. The milestone marks the first time that Britain has bestowed a license upon a bitcoin company. The license was granted by Britain’s primary financial regulator, the Financial Conduct Authority. The move further Britain’s public and determined stance to stand out as the go-to hub for financial technology. Circle facilitates currency transfers by converting them to bitcoin first, with all transactions verified and recorded on the bitcoin....
Bitcoin wallet startup Circle has been granted an electronic money license from a top UK financial regulator. The approval from the UK Financial Conduct Authority – the first of its kind for a digital currency startup – allows Circle to establish a business relationship with London-based bank Barclays. As a result, Circle is now able to store pound sterling on behalf of its customer base – similar to how it holds dollars for its customers in the US. Further, UK customers can now send money to and from their bank accounts. "We support the exploration of positive uses of blockchain....
Circle Chief Evangelist Anders Brownworth, who previously taught blockchain technology at MIT, gave a presentation on day two of the 2017 MIT Bitcoin Expo in which he mainly focused on what Circle has been working on for the past few months. Circle is a mobile payments application that aims to make sending money to anyone in the world as easy as sending them a message via their mobile phone. During his talk, Brownworth noted that although Circle dropped the ability to buy and sell bitcoin in their mobile application late last year, the company still uses Bitcoin in the background of their....
All in all, the addition of Euro support is a big move for Circle. If everything goes to plan, it is possible users may be able to exchange between fiat currencies in the app as well. Circle is one of the Bitcoin companies which makes headlines all over the world. Although they are not actively advertising their Bitcoin services these days, the company is still a very active competitor. Not too long ago, the company announced upcoming support for Euro users. An exciting addition for sure, which indicates the company will target new markets shortly. Although the company announced their....