Categories: CryptoNews

Circle Becomes First Blockchain Firm in the UK to Receive E-money License

US-based blockchain payment app Circle has been granted the first E-money license in the UK by the country’s Financial Conduct Authority.

This makes Circle the first regulated digital currency company in the UK to allow mobile users to freely send and receive worldwide GBP/EUR payments, with the same speed and simplicity as sending an instant message.

An article by Reuters states that Barclays bank will be handling all fiat transactions on behalf of Circle, which makes Barclays the first British financial institutions to work directly with a digital currency company.

In an extensive blog post announcing the big news, Co-founders of Circle Sean Neville and Jeremy Allaire, explained that for the past year the company has been working with the banking sector, blockchain innovators and the UK authorities, in order to make this experience possible for UK consumers.

Neville and Allaire also shared their vision for “Money without Borders”, where the “arcane, siloed systems” of the legacy financial establishment are replaced with nimble and efficient digital money networks:

Related Post

“With Circle’s UK launch, we’re bringing this global vision another step forward. For the first time ever, any consumer in the US or UK can instantly send value, without fees, and with the convenience of sending an email or text. US dollars and pound sterling are becoming more digital and global, and we’re gearing up to bring the same capability to Euro-zone consumers.”

Harriet Baldwin, Economic Secretary to the UK Treasury, called Circle’s debut in Britain and the company’s partnership with Barclays a “major milestone”. Baldwin also said that country’s “forward-looking” regulatory framework will set the stage for Britain to become the world’s top fintech jurisdiction.

 

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Traderman

Avid blogger, entrepreneur, and cryptocurrency enthusiast. I love writing about cryptocurrency, NFTs, price analysis, and much more!

Share
Published by
Traderman

Recent Posts

WIF Set to Overtake BONK? Lunex Soars with 100x Potential in Altcoin Season

As altcoin season heats up, all eyes are on the rising stars—especially Lunex, which is…

10 mins ago

Binance Coin Price Dips: BNB Holders Rush To Lunex Presale To Hedge Their Long Positions

While the broader market witnessed a notable upward movement, Binance Coin (BNB) experienced a decline…

18 mins ago

Crypto Stalwarts Forecasted 800% Growth in Innovative Projects: VeChain, Rollblock and Polkadot!

This blazing crypto bull run has investors looking for the next top altcoins set to…

23 mins ago

Dogecoin Price Set To Recreate 36,000% Rally From 2021 After Pennant Formation

The Dogecoin price is back in the limelight, captivating the crypto world with its recent…

28 mins ago

Is XRP About to Explode? How Trump’s Victory Is Affecting XRP Price Amidst JetBolt Growth

Ripple’s XRP showed a 68% price increase in the last 7 days following Trump's victory,…

35 mins ago

Ethereum Down While Bitcoin, Solana, and JetBolt Skyrocket In End November 2024

Ethereum stumbles as Bitcoin surges past $97K, Solana eyes new highs, and JetBolt’s presale shakes…

4 hours ago