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Xapo Bank has expanded its services to the UK, offering interest-bearing bitcoin and fiat accounts following the successful passporting of its banking license. This move marks a significant milestone, making Xapo the first bank in the UK to provide such accounts.
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Xapo Bank Pioneers Interest-Bearing Bitcoin Accounts in the UK
Fintech firms have faced challenges in obtaining UK banking licenses recently. Despite this, the crypto-friendly app Revolut was granted a new banking license by UK regulators. Since 2021, Xapo Bank has been regulated by the Gibraltar Financial Services Commission, offering limited services in the UK, but it was not recognized as a regulated UK bank until now.
“This achievement allows us to offer our banking services directly to the UK market,” stated Seamus Rocca of Xapo Bank. “This milestone demonstrates our adherence to the UK’s rigorous regulatory standards. We look forward to expanding our UK membership, helping our clients diversify their wealth through bitcoin and secure banking.”
In May, Xapo Bank partnered with Lightspark, co-founded by former PayPal President David Marcus, to enable bitcoin deposits via the Lightning Network.
UK Regulatory Environment
However, the crypto policy direction under the new Labour government and Prime Minister Keir Starmer remains uncertain. “The UK is rapidly emerging as a global hub for cryptocurrency innovation, supported by a robust regulatory framework, a dynamic financial ecosystem, and a wealth of talent,” commented Joey Garcia, Director and Head of Regulatory and Public Affairs at Xapo Bank. “Our passporting highlights the unique market access for Gibraltar-regulated firms, supported by the Bank of England’s engagement. Xapo Bank is eager to focus on the UK for membership growth as we extend our banking license.”
The FCA estimated that around 10% of the UK population held crypto assets as of June 2023. The regulator has adopted a cautious stance to protect investors while encouraging innovation. In 2021, the FCA banned the sale of derivatives and exchange-traded products to retail investors. New crypto advertising regulations, effective since last October, have created challenges for some firms, leading to market exits.
Despite these challenges, the UK’s approach to cryptocurrency regulation is evolving. In May, the London Stock Exchange launched crypto ETNs for professional investors, reflecting ongoing regulatory advancements in the sector.
🏛️ Xapo Bank has become the first licensed bank in the United Kingdom to offer a combined interest-bearing USD and Bitcoin (BTC) account.#Xapo #Bitcoinhttps://t.co/FsQd62Q9pL— Cryptonews.com (@cryptonews) August 5, 2024
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