Mark Hipperson who was basically head of Technology for the Barclays group is going to add a new wing to crypto society and this is that he wants to introduce a regulated crypto bank with Ziglu, a digital banking venture which has applied to the UK’s Financial Conduct Authority or FCA to become a regulated issuer of electronic money. The service of Ziglu is only applicable to those UK residents whose age is 18.
Foreign currencies can be exchanged here at interbank rates and cryptocurrency buying and selling can be possible across various exchanges. Other than that, there is also facility of transacting across the world by using Mastercard debit card.
Hipperson is the CEO of Ziglu, a company which offers combined fiat/crypto account, and reportedly pre-launch applications are being taken only from the residents of UK. But reportedly the service will expand its wing to other countries indeed. But this type banking service is not in market place for the first time.
Policy statement of FCA on digital assets
FCA first issued a policy statement on digital assets in January 2019 but in response to the feedback of that policy statement they updated and finalized it in August 2019, which is titled ‘’PS19/22: Guidance on Cryptossets’’. They tried to ensure clarity on the regulation through the final update. Bitcoin and Ether are classified as exchange tokens that also hold the feature of decentralization. But reportedly FCA will not be regulating exchange tokens.
More about Ziglu
They have built an account that actually breaks all the currency barriers geographically and technologically and puts you fully in control of your money whatever you want to do with it. An user is able to make payment in any currency to family, friends or businesses instantly and anywhere through the service. Addition is using Mastercard provides extra advantage and efficiency to users. You can freeze your card within the app in case of card-losing so you have total control and reliability over the card. To ensure safety of your money, they use the latest security, authentication, encryption and monitoring.