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Bottlepay Gets FCA Approval as Crypto Business

Legal

www.financemagnates.com 11 January 2022 12:56, UTC
  
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The United Kingdom’s Financial Conduct Authority (FCA) is slowly approving the registration of crypto companies one at a time: the most recent one being NYDIG subsidiary Bottlepay, which is a Bitcoin-based payments company.

Announced on Tuesday, the company highlighted that it has become the first Lightning Network payments company to receive the British financial market regulator’s approval as a crypto business.

“Our registration with the FCA is an achievement not just for Bottlepay, but for the Lightning Network,” said Pete Cheyne, founder of Bottlepay. “This registration goes to show that we can build the financial infrastructure of the future while upholding the regulatory and compliance standards of today.”

Lightning Network

The lightning network was introduced to overcome the limitations of the Bitcoin network and make it suitable for making small and instant payments. However, a majority of the crypto industry is yet to adopt the supplementary technology.

Meanwhile, Bottlepay is focused on building an instant payment network and is allowing users to make payments in Bitcoin, pound sterling and euro.

“We are incredibly proud of what the Bottlepay team has accomplished,” said NYDIG President, Yan Zhao. “Securing FCA registration is a breakthrough event and is a testament to NYDIG's and Bottlepay's commitment to compliance. Together with Bottlepay, we will continue to work hard to make the Bitcoin network accessible to all.”

The FCA mandated the registration of all cryptocurrency platforms operating in the United Kingdom last year. Though the initial deadline was short, the regulator extended it until March 2022 due to the massive backlog on its part to review the submitted applications. So far only a handful of crypto companies has gained the FCA’s nod, but interestingly dozens of companies also withdrew their applications, meaning they do not want to offer their services in the British market.


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