The UK-based organization of the decentralized credit protocol Aave, which does not have storage service, has managed to obtain the Electronic Money Organization (EMI) license, which it has been dealing with for a long time.
According to the information provided by The Block, the license of Aave Limited was approved on July 7 by the UK’s financial regulator, the Financial Conduct Authority (FCA). It is known that Aave Limited will have the opportunity to offer digital money alternatives or payment services within the UK thanks to this license and authorization.
Aave opens to UK
Founder and CEO Stani Kulechov stated in a statement on the subject that the application was first made in 2018 and that long efforts were made to achieve this:
“The goal was to enable the Aave ecosystem to access payment accounts and attract users to the DeFi industry. The Electronic Money Foundation is essentially the same authority that Coinbase and Revolut have in Europe. This will mostly help attract new users to the Aave ecosystem and the DeFi world over time. ”
It is emphasized that Aave will first be piloted in the UK and then aim to expand to the whole European region if successful. Kulevcoh also confirmed this first hand in the rest of his statement.
The world is shifting from fiat money entirely to digital money and naturally to the cryptocurrency ecosystem. Aave, one of the biggest pioneers of the DeFi field, which is one of the revolutions in the crypto money industry itself, definitely got ahead 1-0 in both fiat and digital money stages with this step.
Aave Protocol seems to be getting a similar license in Europe soon, in line with these statements. LEND, the crypto currency of the Aave protocol, has enabled investors to increase their money exponentially with the rise it has achieved before.