Crypto Custodian Koine Receives UK EMI License

Announcements, News | November 1, 2019 By:

Digital asset custodian Koine has received an electronic money institution (EMI) license from the UK Financial Conduct Authority (FCA).

Founded in 2017, Koine offers segregated, institutional custody and settlement of digital assets, providing a transformative security model, eliminating settlement and counterparty risks. The firm claims that its platform brings together the full suite of governance, compliance, risk management and audit of real-time asset trading to the digital ecosystem.

The EMI license will allow Koine to provide real-time e-Money payment services to institutional clients. According to Koine, custody and settlement currently resides outside of the UK regulatory perimeter and the e-Money license should not be misconstrued as UK authorization for settlement and custody of digital assets.

Hugh L. Hughes, chairman and CEO of Koine, said that market reaction to Koine’s ultra-secure scalable institutional class solution for custody and settlement, has been immensely favourable, and with their EMI authorization now issued by the FCA, they are rapidly moving to implement the market infrastructure necessary to support institutional participation in the digital assets marketplace.

“The FCA’s recognition of the controls and processes that we have put in place for our EMI authorization, notwithstanding their concerns regarding the digital markets, shows that London can continue to attract financial institutions in the digital markets, alongside traditional capital markets, as long as those institutions can show that they have appropriate governance to address the regulator’s requirements,” Hughes said.