TL; DR Breakdown
- Crypterium gets the green light after months of scrutiny.
- FCA has set strict measures for crypto asset companies that want to operate within the UK.
Crypterium has announced that it is now among the few firms registered by the regulatory authority, FCA. The British company offers a crypto wallet app and has almost half a million clients in several states. They can now provide their services to the community, knowing they are working under the required protocols.
Over 180 platforms applied to the Financial Conduct Authority (FCA). However, only a limited figure secured registration to run their services in the United Kingdom.
Users of Crypterium can send funds internationally with their wallets without incurring any transaction costs. Customers can buy and make payments in cryptocurrency.
It is also effortless to cash out digital assets to traditional bank cards. Users can also earn interest on their cryptos by exploiting the platform’s superior savings accounts.
Crypterium to attract masses
According to the Crypterium press release, the approval ensures that firms continue providing their services as Brexit measures take shape.
Now the crypto platform can provide its crypto wallet services, such as crypto Visa cards and exchange functions to all their customers.
The platform’s VISA card is a powerful tool. It allows users to shop at more than 40 million vendors worldwide. Customers can also withdraw money from ATMs, just like with a standard debit card.
Crypterium CEO Steven Parker said that the registration is a new chapter for them. He noted that as they advance, investors will view Crypterium differently.
He added that the firm’s priority is user security and convenience. Now their world-class services fully comply with FCA’s strict measures.
Crypto startup Ramp recently secured registration with the regulatory authority. Ramp offers a software development kit for businesses that intend to provide crypto-enabled services. The platform eliminates the need to collaborate with third-party exchanges.
FCA has put strict measures
In June, over 60 crypto startups decided to halt their plans for FCA registration. The firms felt inadequate since the regulatory authority had set its bars high. The crypto companies have until March 31, 2022, before the registration process is closed. FCA took over crypto responsibility earlier this year.
The financing supervisor wants to deal with irregularities that surround the crypto space.
The firms under its administration have to go through procedures to reveal that they comply with the rules. If they pass the assessment, then they are approved for operation without interference.