TenX Gain European E-money Licence

TenX Gain European E-money Licence

Cryptocurrency wallet and debit card producers TenX celebrated their fourth annual anniversary meet-up this weekend by officially confirming they have become the first ICO-funded company to be awarded an E-money licence, giving them the status of a regulated financial institution in Europe.

The Electronic Money Institution (EMI) licence was issued by the Liechtenstein Financial Market Authority (FMA) and opens the door for TenX to offer their services to countries within the European Economic Area (EEA) and the European Union as well as Iceland, Liechtenstein and Norway. With the EMI licence, TenX are expected to relaunch their debit cards within the EEA by the end of the year.

Significant Changes

Singapore-based TenX as a company, and their business model, have undergone significant changes over the last 12 months. In January, TenX’s president and regular spokesperson Dr Julian Hosp departed and founder Toby Hoenisch took on a more prominent public-facing role.

The PAY token, which was issued during the firm’s initial coin offering, was at risk of being designated as a securities token and this became to be seen as a potential regulatory roadblock. The ecosystem was subsequently remodelled to ensure PAY was classed as a purely utility token and an additional token, simply called TENX, was issued on a 1 TENX to 1 PAY ratio, to facilitate dividend-type payments in the form of PAY.

Although at times controversial, the changes within TenX appear to have been key in the granting of the EMI licence.

Holders of the PAY token are being urged to check their eligibility for TENX tokens and complete the claim process by 26 July 2019 in order to receive the first reward of PAY tokens, scheduled for Q3 this year.