Non-custodial lending DeFi protocol Aave has been granted an Electronic Money Institution (EMI) license by the UK Financial Conduct Authority.
Aave Limited was licensed on July 7, according to information published by the UK’s Financial Conduct Authority (FCA). With this license, Aave can provide services such as digital currency issuance and payment services.
According to Founder and CEO, Stani Kulechov, the license application was first filed in 2018. The goal is to help the Aave Ecosystem reach payment accounts and users in the DeFi space. . The “Cryptocurrency Institution” license allows Aave to operate like Coinbase and Revolut in Europe. Aeve will primarily assist new users to join the Aave Ecosystem and decentralized protocol over time.
Since the entity is registered in the UK, a pilot program for Aave’s services will begin in this region. Aave is preparing for a new step with the “Aavenomics” upgrade plan. Therefore, the good news from the British Regulator will help the company expand globally by officially testing their product in the UK.
Kulechov said:
“Aave will be testing in the UK, before rolling out to cover the entire EEA and expand globally. Specifically, the service will allow users to “move from Fiat to stablecoins and other assets natively in the Aave Ecosystem and then use these assets in the Aave Protocol.”
After this announcement, the price of LEND, the token of the Aave ecosystem, increased sharply. The spike in buying pressure pushed the LEND price to a new all-time high of over $0.77.
