The move comes as the Financial Conduct Authority advised Bitstocks that their application for permanent FCA registration was likely to be rejected, promoting Bitstocks to withdraw their application.
Talking to Patrick Thompson on the CoinGeek Weekly Livestream episode 12, Bitstocks CEO Michael Hudson recalls his big aha moment after coming across Bitcoin.
What is the FCA?
The agency regulates financial firms that provide services to consumers, as well as maintain the integrity of the financial markets in the United Kingdom.
Anish Patel, head of compliance at Bitstocks, describes the FCA registration process as “a tough yet enjoyable one.”
“However, this is only the first step of a long journey ahead for us here at Bitstocks. Each milestone will enable this groundbreaking company to serve people with truly different banking products and offer a real alternative to the financial structures which are in place at the moment,” Patel said.
Bitstocks is one of the few companies in the digital currency ecosystem that is at the forefront of compliance and customer safety. With its FCA license, Bitstocks’ users are protected in several ways. Bitstocks plans to continue receiving the government licenses and approvals that will allow them to expand their suite of Bitcoin powered banking products; they have applied for FCA Anti Money Laundering registration and will soon be submitting an E-Money Institute application.
If you live in the U.K. or Europe, you are going to want to take a look at Bitstocks Gravity, it’s one of the easiest ways for residents in the U.K. and Europe—except Germany—to buy and sell Bitcoin SV as well as BTC and BCH.
You can find more information about Bitstocks Gravity here.
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Bitstocks, the company behind Gravity, is now registered with the U.K. Financial Conduct Authority as an EMD Agent.
Michael Hudson has been spearheading Bitstock's Bitcoin journey. He revealed during CoinGeek London his mission is to educate, empower and help evolve.
Gravity is one of the easiest ways for residents in the U.K. and now Europe—except Germany—to buy and sell Bitcoin SV.
Conference sponsor Bitstocks will be a major presence at the Old Billingsgate, where the CoinGeek Conference will take place on Feb. 20-21..
Michael Hudson took the stage in Toronto to explain how BSV will spread through the world with elegant, simplified, government and business friendly onboarding solutions like Gravity.