Crypto Debit Card Provider Receives FCA Approval in the UK

Cryptocurrency payments provider Wirex has received an operating license from the U.K.'s Financial Conduct Authority.

The development marks the third license awarded to a cryptocurrency business.

Instead, the London-based company is privately held and offers a mechanism to spend, receive and purchase cryptocurrency via a prepaid debit card.

The above system helps the company circumvent the retailer's need to possess a cryptocurrency account to accept Wirex-enabled fiat payments.

The network is integrated with Visa's vast merchant network, which makes it possible to use cryptocurrencies in over 40 million outlets.

As per reports, Wirex is pushing for additional licenses in Japan, Singapore and the U.S.FCA and Cryptocurrencies.

In March, the FCA granted Coinbase an E-Money License, allowing the so-called "Google of Cryptocurrency" access to U.K. banks and EU institutions.

The move enabled millions of people to use euros and pounds to purchase cryptocurrencies.

Recently, in June and July, two U.K.-based cryptocurrency firms, Globacap and BlockEx, were accepted into the program.

While the developments mentioned earlier indicate the FCA's favorable view of cryptocurrencies, the watchdog is similarly notorious for issuing multiple public warnings about cryptocurrencies and related business.