Aave users will be able to move fiat into Aave through a vertically integrated zero-fee on-ramp, making DeFi more accessible to the mainstream. The FCA approval in the UK, combined with our CBI MiCA license for the EEA/EU, is a strong addition to our global regulatory strategy.
Aave Labs’ UK subsidiaries Push Labs Ltd. and Push Virtual Assets Ltd. (together “Push”) have received approval from the UK’s Financial Conduct Authority (FCA) to register as a cryptoasset exchange provider in the UK. These permissions allow Push by Aave Labs to operate regulated cryptoasset activities and payments infrastructure in the UK. Aave Labs is building for the next million users, and regulated products with zero-fee stablecoin on/off-ramping are necessary to do it. In addition to its cryptoasset registrations, Push by Aave Labs is authorised by the FCA under the Electronic Money Regulations 2011 (firm reference number: 900984) for the issuing of electronic money. Together, these UK regulatory permissions support the continued development of financial products and services across the Aave Labs group. Push Labs Ltd (firm reference number: 1031720) and Push Virtual Assets Ltd (firm reference number: 1031721) are registered with the Financial Conduct Authority as cryptoasset exchange providers under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 for anti-money laundering purposes only.
Congratulations! 🥳
Feels like another step toward 'DeFi that doesn’t feel like DeFi' for normal users 👍
That's great for AAVE . At this point only few protocols are keeping DEFI alive
Big moves by AAVE!
Congrats Stani and Aave team!
Big news. Huge congrats!
Genuine question about what Stani Post describes: does this thesis hold in markets with fundamentally different regulatory structures? What works in North America often breaks down completely in Southeast Asia. I'd be curious to see the data from those markets.