Bitstocks secures FCA license for its banking platform Gravity
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London-based Bitstocks has secured a new licensing through the Financial Conduct Authority (FCA) for its banking platform Gravity. The new license is expected to allow the company to offer a comprehensive range of everyday banking services backed by Bitcoin SV. It is currently listed as an EMD Agent of Modulr Finance on the FCA’s online register.
Compliance Officer, Anish Patel, was instrumental in achieving the licensing and said, “The road to FCA registration has been 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.”
Bitstocks stated that, following on from integrating their Bitcoin banking platform, Gravity, with the Faster Payments System in April, it has been adding the required foundations and frameworks to its businesses for complying with all legal requirements, including all compliance policies and procedures, due diligence, anti-money laundering, and record keeping.
The company has also submitted an application for FCA Anti Money Laundering registration, hoping to be approved by the year-end. They will also be submitting an E-Money Institute application next month.
Established in 2014, Bitstocks is a London-based firm providing expertise to help customers secure and grow their wealth through bitcoin. In 2019, it launched its first iteration of Gravity, an ecosystem to provide a host of everyday financial products and services, backed by the power and scale of the Bitcoin Satoshi Vision network.
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