NYDIG, a Bitcoin company, announced that its subsidiary Bottlepay, a Bitcoin-based international payments company, has been granted registration as a Cryptoasset Business from the United Kingdom’s Financial Conduct Authority (FCA).
Bottlepay is one of a small number of crypto-asset companies to have secured this type of approval and is the first Lightning Network or LN payments company to have done so, according to a release.
As explained in the announcement, FCA registration requires firms to “demonstrate that they comply with the UK’s anti-money laundering and counter-terrorist financing regulations.” Businesses dealing with crypto-assets “must register with the FCA to operate within the UK,” the update noted.
Bottlepay founder Pete Cheyne said:
“Our registration with the FCA is an achievement not just for Bottlepay, but for the Lightning Network. This registration goes to show that we can build the financial infrastructure of the future while upholding the regulatory and compliance standards of today.”
By harnessing the power of Bitcoin’s Lightning Network, Bottlepay is creating “a global and open instant payment network.”
For consumers, the Bottlepay app may be used to send payments in bitcoin, pounds, or euros instantly and “without fees.” Bottlepay also provides several integrations with some of the world’s largest social networks such as Twitter and Discord. For businesses, Bottlepay’s infrastructure and APIs will soon be “available to make integrating instant bitcoin payments seamless.”
Yan Zhao, President of NYDIG, stated:
“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.”
As noted in a release, NYDIG offers Bitcoin tech and financial services solutions to banks, insurers, corporations, and institutions. The firm and its products “meet the industry’s highest regulatory, audit, and governance standards,” the team at NYDIG claims. They maintain subsidiaries that carry a BitLicense and a Limited Purpose Trust Charter from the New York State Department of Financial Services.
Bottlepay is “available in the UK and across Europe.,” the update confirmed.