The custodian of digital goods Koine Money Ltd. obtained an e-money license from the UK regulatory authorities, while preparing for the eventuality of a Brexit future by seeking permissions overseas.
On Thursday, the Financial Conduct Authority of the United Kingdom granted Koine an electronic money license, called the EMI license, allowing Koine to issue its own digital currency and provide other payment services to institutional clients.
The EMI license, however, does not certify or sanction Koine's digital asset custodians, the company said in a statement. These services "are currently outside the UK regulatory perimeter," said Koine.
For the moment, Koine's EMI license is applied in the European markets, while the UK remains in the US zone. This would change if and when the Brexit comes to Britain; the current leave date is 31 January 2020.
A spokeswoman for Koine told CoinDesk that Brexit would have no impact on their commercial approach.
"We believe in the importance of the UK as the focal point of our business sector, as we have sought additional authorizations for securities in the country. However, we maintain our international vision and, when we apply for licenses in Luxembourg, a large financial center in its own right, this offers an option in the event of a negative scenario for Brexit. "
She added that Koine was also considering applying for licenses in Abu Dhabi and the United States.
In a statement, Koine CEO and President Hugh L. Hughes said that EMI licenses pave the way for new digital asset developments:
"With our EMI clearance now issued by FCA, we are quickly working to put in place the necessary market infrastructure to support the participation of institutions in the digital asset market."
British Pounds image via Shutterstock