Koine recieves e-money authorisation from UK’s FCA

Koine, which offers segregated, institutional custody and settlement of digital assets, has received authorisation from the UK’s Financial Conduct Authority (FCA) for the issuance of electronic money.

With the new EMI License, Koine can now offer real-time e-money payment services to institutional clients. With this authorisation, the company CEO Hugh Hughes said it will help the company move closer to implementing market infrastructure to support institutional participation in the digital assets space.

Koine is also in the process of getting authorisations in several other major financial services locations.

The company’s custody and settlement model services currently operate outside of the UK’s regulatory field and this authorization for e-money does not include these services.

Its custody and settlement models help eliminate counterparty risks by enforcing delivery versus payment (DVP), while ensuring clients always retain beneficial ownership of their assets throughout the trade lifecycle.

Koine CEO and chairman Hugh Hughes said, “The FCA’s recognition of the controls and processes that we have put in place for our EMI authorisation, notwithstanding their concerns regarding the digital markets, shows that London can continue to attract financial institutions in the digital markets, alongside traditional capital markets, as long as those institutions can show that they have appropriate governance to address the regulator’s requirements.”

Copyright © 2019 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.