Crypto Payment MoonPay Receives Regulatory Approval From UK


The cryptocurrency industry has gained more traction in recent years. More technological innovations and upgrades are also springing up in the space. Hence, many people have plunged into the crypto market as they intend to reap growing profits through a diversified investment approach.

But while the crypto space is advancing, criminal activities are also on the rise. So, some jurisdictions enacted regulatory rules to monitor the activities of digital asset-related firms. Also, they aim to protect users and participants in the digital asset space.

Cryptocurrency regulation in some countries is becoming increasingly stricter. For example, some regions will only allow the operation of crypto-related companies if they complete the regulatory registration. They could also sanction the firms that fail to comply with stipulated laws within the country.

In a new development, MoonPay, a digital payments app, has received the UK’s crypto regulatory license. According to the report, the firm completed its registration with the Financial Conduct Authority (FCA) of the UK. The payments app now complies with the regulator’s local money laundering rules.

Crypto Payment App MoonPay Receives Regulatory Approval From UK
Crypto market jumps in the green zone l | Source: Crypto Total Market Cap on TradingView.com

Crypto Payment Processor Gets UK License

MoonPay appeared on the FCA’s register. As a result, the company now stands as the 40th crypto service provider to gain the approval of the UK regulator.

MoonPay offers a programming interface for customers. This handles several procedures for customer identification and helps to control fraud. In addition, it builds a payments app for digital assets and is operational in 160 different countries worldwide. It has more than 5 million users and several collaborations with over 300 digital wallets.

Notably, several crypto-related firms and infrastructure providers have failed in their moves to gain the regulator’s license. By receiving the approval, MoonPay has joined other fortunate ones such as trading platforms eToro and Bitpanda, digital asset exchange Gemini and Revolut, a neo-banking firm.

UK FCA Records Most Significant Rate In Registration Failures And Withdrawals

Currently, the FCA has restricted jurisdictional control over the digital asset industry. However, it anticipates extended operational powers once the UK lawmakers enact the Financial Services and Market Bill.

Crypto Payment App MoonPay Receives Regulatory Approval From UK

The FCA officials spoke with the House of Commons Treasury Committee lawmakers on Wednesday last week. They reported that just 5% of applications received under a new temporary registration regime for the crypto sectors met the standard.

The FCA’s executive director for markets, Sarah Pritchard, reported that 73% of applications either failed or were withdrawn. The director noted that the value is the most significant withdrawal or failure rate the regulator had witnessed during intakes of new remits.

Before now, MoonPay was registered in the United States. Its United Kingdom’s registered arm is operating under a London-based branch of the firm, MoonPay (UK) Limited.


#Crypto #Payment #MoonPay #Receives #Regulatory #Approval

mrB

Related Posts

Sens. Warren, Wyden question quality of auditors’ oversight in light of FTX debacle

Two United States senators have taken their questions about the performance of accounting firms active in the crypto space to a higher power: the Public Company Accounting…

State senator pushes bill to make Bitcoin legal tender in Arizona

Wendy Rogers, an Arizona state senator in the United States, has launched bills concerning cryptocurrency, including one that aims to make Bitcoin (BTC) legal tender in Arizona. …

POS Giant Starts Lightning Trial

Bitcoin’s adoption into the mainstream – not only as a store of value but also as a means of payment – took a big step forward today….

What is an ascending triangle pattern and how to trade it?

Market analysts rely on many technical indicators to anticipate future trends, one of which is the very-popular ascending triangle chart pattern. What is an ascending triangle pattern?…

Elon Musk Still Wants McDonald’s To Accept Dogecoin (DOGE)

Tesla CEO Elon Musk has once again come out as a Dogecoin supporter. After being somewhat less forthcoming with his love for Dogecoin in recent weeks, Musk…

ISDA releases standard definitions for digital asset derivatives

The International Swaps and Derivatives Association (ISDA) is working on two papers to address fundamental legal risks in the crypto markets, such as the insolvency of crypto…

Leave a Reply

Your email address will not be published. Required fields are marked *