The UK’s Financial Conduct Authority (FCA) has granted a license to Decent Finance Limited, a subsidiary of CEX.IO Group, allowing it to carry out electronic money activities in the country.
Per the press release shared with Finance Magnates, Decent Finance has obtained the status of an authorized electronic money institution (AEMI) under the FCA. The entity will now be able to issue electronic money and open segregated accounts for storing customers’ funds.
In addition, this authorization will allow the company to maintain the payment infrastructure for all internal businesses of the CEX.IO Group.
Opening up operations in the UK
With this license in hand, CEX.IO will launch a new regulated business in the United Kingdom, allowing clients to invest in various digital assets.
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“For any customer in the world of open finance, there are special tools and services tailored to its needs,” said Oleksandr Lutskevych, founder and CEO of CEX.IO Group, commenting on the development.
“With the help of our system knowledge and expertise in blockchain, we are building an ecosystem of products to meet these needs and comply with the regulatory framework at the same time. With EMI and other licenses in our pocket, the synergy of the Group’s companies will allow customers to invest in regulated digital assets in a convenient, legal, and straightforward way.”
The digital asset exchange is also planning to launch its regulated brokerage service in compliance with the European Union’s MiFID II.
Established in 2013, the exchange also entered the United States market last year. It received a money service business (MSB) status with the Financial Crimes Enforcement Network (FinCEN) back in 2015, which allows a company to act as a money transmitter in the United States with a stringent independent annual audit.