Aave Labs’ UK subsidiaries, Push Labs Ltd. and Push Virtual Assets Ltd., known together as Push, received Financial Conduct Authority (FCA) cryptoasset registration as cryptoasset exchange providers under the UK’s current Anti-Money Laundering regime.
The registration was obtained for “certain cryptoasset activities” and supports the decentralized finance (DeFi) company’s plans to build regulated stablecoin on- and off-ramping infrastructure in the country, Aave said Thursday.
Aave Labs’ Push describes itself as a “simple way to move between Euros and stablecoins,” according to its homepage. The FCA’s online registry shows that the London-headquartered firm has been registered with the regulator since May 12.
The regulatory greenlight allows the subsidiary of the largest decentralized lending protocol to develop its on- and off-ramping stablecoin infrastructure under regulatory permission in the UK. This marks the second major license for the company in the UK, as Push is also licensed as an Authorized Electronic Money Institution (EMI) by the FCA since July, 2020.
The approval comes as the UK is moving closer to implementing comprehensive crypto regulation under the Financial Services and Markets Act (FSMA), effective October 2027. The framework will require crypto companies to have full FCA authorization to conduct crypto activities in the UK, such as trading or custody.
The FCA previously said that the authorization under the upcoming crypto regime will not be automatically granted to companies that have already been registered under the existing Money Laundering Regulations (MLRs).
Source: Aave
Push by Aave Labs targets zero-fee stablecoin infrastructure for next million users
Push says it enables users to convert between euros and stablecoins with no push fees and spreads, offering on- and off-ramping between bank accounts and crypto wallets.
“Aave Labs is building for the next million users, and regulated products with zero-fee stablecoin on/off-ramping are necessary to do it,” said Aave in the X announcement.
Push by Aave Labs, homepage. Source: Push.co
The platform offers non-custodial ramping services, meaning that Push doesn’t hold custody of users’ funds as stablecoins are transferred directly to users’ crypto wallets.
Push is currently available for residents of Ireland and says it is expanding across Europe, with support for additional countries in the European Economic Area (EEA) launching soon.
Competing solutions include Coinbase’s onramp, which offers zero fees for USDC (USDC) transfers on Base. Other solutions include Ramp Network, Bleap and Alchemy Pay.
Related: UK proposes near-24/7 settlement to prepare markets for tokenization
Aave is the largest decentralized lending protocol and the second-largest DeFi protocol with $13.6 billion in total value locked (TVL), according to data aggregator DefiLlama.
DeFi protocol rankings by TVL. Source: DefiLlama
The regulatory nod comes over a month after Aave Labs was granted $25 million in stablecoins by the protocol’s DAO under the “Aave Will Win” framework, aiming to accelerate the protocol’s growth and fund its operations.
The DAO also granted Aave Labs 75,000 Aave (AAVE) tokens to incentivize developers to help grow the protocol, Cointelegraph reported on April 13.
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Source: https://cointelegraph.com/news/aave-labs-push-gains-uk-fca-crypto-registration?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
