London-based cryptocurrency wallet and payment card provider Wirex has been granted an E-Money license by UK financial regulators, making it only the third cryptocurrency-related firm to receive the license.
We are more than proud to announce that Wirex Limited is only the third #crypto-friendly company in the world to have been granted an FCA e-money licence ✅✅
What does this mean for us? And more importantly, for you? https://t.co/NC2VivcG93
— Wirex (@wirexapp) August 23, 2018
The firm announced on Thursday that they received the e-money license from UK’s Financial Conduct Authority (FCA). The license was issued on Tuesday, August 21.
What an E-Money License means for Wirex
An e-money license issued by the FCA allows financial firms to offer electronic money services to residents of the country. The license allows Wirex to directly offer electronic money payment services in the UK and throughout the European Union and European Free Trade Association (EEA). “Gaining the FCA license will open up a much broader market, allowing us to create e-money accounts in over 25 different currencies,” the company statement read.
Although Wirex already provides its card services in Europe, the license will command more trust in Wirex by giving it a reputation as a global player. Co-founder of Wirex, Dmitry Lazarichev explained:
“The license is a testament to the fact that the company is committed to pursuing and achieving the highest levels of diligence and integrity in its business operations”
US-based Coinbase cryptocurrency exchange is one of the other crypto-related firms to obtain the e-money license for the UK FCA. The license, which was received in March, allowed Coinbase to provide payment services and issue digital cash alternatives. Building on this, Coinbase added support for the British Pound (GBP) earlier this month.
Wirex, for its part, announced in May that it had launched card services for residents of the EEA. Wirex is working towards similar licenses in Japan, Singapore and other Asian countries as it seek to expand its services globally.