BCB Payments Limited, a core subsidiary of digital financial services provider BCB Group, have been granted an Authorised Payment Institution (API) licence by the U.K. Financial Conduct Authority (FCA). As a business to business (B2B) service payment provider for the likes of Bitstamp, Coinbase, Galaxy and Tagomi, BCB claim the awarding of the licence means they are “…the first and only crypto-focused Authorised Payment Institution” in the U.K.
With a sister company, BCB OTC Trading SARL, reportedly already regulated by the The Association of Financial Services (VQF), a self regulated organisation (SRO) of Switzerland’s Financial Market Supervisory Authority (FINMA), the U.K. development is thought to provide a more integrated international payments structure that will “…operate frictionlessly… across both digital and traditional financial markets.”
As BCB Payments’ client list suggest, their services are targeted towards blockchain-based businesses – such as cryptocurrency exchanges, market makers, brokers, investment managers, hedge funds and digital asset investment funds – that need to utilise global remittance and foreign exchange coupled with cryptocurrency liquidity and custody services.
Last year, BCB Group claim to have onboarded over 140 corporate clients in 32 countries.
The Founder and CEO of BCB Group, Oliver von Landsberg-Sadie, stressed the importance of meeting regulatory compliance and meeting the needs of a developing industry by saying, “…clients demand robust technology and services to continue to innovate in digital markets. We believe BCB Group is the only crypto-dedicated financial institution regulated in this way globally…”
Did you catch the show last week? 🤔
— Blockchain Insider Podcast (@bchaininsider) January 15, 2020
In a recent broadcast of The Blockchain Insider, Oliver von Landsberg-Sadie gave his views on some of the major topics concerning the corporate and governmental fields of blockchain, including how decentralised finance is capable of rendering traditional brick and mortar banks obsolete.