Bitcoin fintech NYDIG has announced that its UK-based payments subsidiary Bottlepay has become the first Lightning Network payments company to receive approval from the United Kingdom’s Financial Conduct Authority (FCA).
The UK’s FCA has granted Bottlepay to carry out crypto-related activities in the island nation, making it one of the few crypto fintechs to be approved by the regulatory body.
Bottlepay founder Pete Cheyne said in the announcement:
“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.”
Payments firm Bottlepay allows users to send payments in Bitcoin, GBP, or EUR instantly and without fees. Its app can also be integrated with social media platforms like Twitter and Discord, offering instant micropayments using the Lightning Network.
UK regulatory bodies have so far maintained a stringent stance on crypto assets, with UK’s Advertising Standards Authority (ASA) recently banning two advertisements by crypto platform Crypto.com. In December 2021, former UK chancellor Lord Hammond akined crypto assets to “gambling money” and said people should be cautious while investing in them.