The United Kingdom Financial Conduct Authority granted an Electronic Money Institution (EMI) license and Fifth Money Laundering Directive (5MLD) license to crypto-first challenger firm, Ziglu. Enabling their clients to send, buy, and sell cryptocurrency from its applications. Ziglu then launched its peer-to-peer cryptocurrency and fiat payment services for free as it expands its reach in London.
Patrons of the crypto-friendly firm can now send and receive assets to and from any other Ziglu users after UK regulators granted an EMI license, which allows the firm to facilitate transactions involving digital forms of money and provide payment services. Aside from this license, the fifth anti-money laundering directive or 5MLD will now regulate the firm just like any other exchange in the country.
This development will open more opportunities for the firm to advance their services in the future as it continuously explores ways to offer simple and yet secured accessibility to cryptocurrency and its users. Ziglu’s CEO, Mark Hipperson, told The Block that the entire regulation process was “long, arduous, and hard.” He understood that the regulatory board was serious in taking these measures to made sure those companies selected would adhere to its “governance, compliance, risk management, and customer data.”
Now with Ziglu, you can:— Ziglu (@ZigluMoney) September 7, 2020
🚀Ping money to your family and friends in any currency including #cryptocurrency
🚀AND make faster payments to any UK bank account.#payments #challenger #fintechstartup #fintech #fintechnews #crypto #businessnews #bitcoin @CoinDesk https://t.co/ynJ5ghAJBI
Ziglu supports Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), and Ether (ETH) since it's launched in mid-June. This September, the firm shared that it included XRP (XRP) on its list to cater to more transactions. The firm plans to list other digital assets on its platform as per customers' requests. They added that fiat payments to and from third parties are already available. Cointelegraph elaborates that the platform integrates multiple exchanges, and when a customer wants to buy cryptocurrency, will always search for the best price. If this happens to be, for instance, a dollar price on Kraken, then Ziglu will convert the customer’s sterling into dollars and make the purchase instantly.
“We are one of the only companies in the world which offer a £50,000 insurance policy on crypto held with us which is unique,” shared by Hipperson as the platform itself reportedly insures fully up to £50,000 (around $66,000) cryptocurrencies held on it.