BottlePay, a subsidiary of NYDIG, which is a leading Bitcoin company recently announced that is has been granted registration as a crypto asset business from the United Kingdom’s Financial Conduct Authority (FCA), thereby becoming one of the very few companies to have secured such approval and is the first Lightning Network payments company to have done so.
To receive an FCA approval, the firm requires 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.
BottlePay founder Pete Cheyne told the media, “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 using the power of bitcoins to its advantage, BottlePay is building a global and open instant payment network. People using the BottlePay app can now send payments in bitcoin, pounds, or euros instantly and without fees. The company also offers multiple integrations with some of the world’s largest social networks like Twitter and Discord.
Yan Zhao, President of NYDIG spoke of BottlePay’s recent FCA approval to the media, saying, “We are incredibly proud of what the Bottlepay team has accomplished. 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.”