Key step for Bitcoin
DAG Global originally submitted its application in May 2019. However, the approval of the application was delayed due to official blockades. This also delayed the plan to start business activities already in 2019. Nevertheless, Sean Kiernan, CEO of DAG, was optimistic and believes that “it is a lack of understanding and the reputational risk” that has blocked the efforts made so far. He further stated that the cryptocurrency industry can be a “cleaner sector” than the mainstream financial industry.
The cryptocurrency industry has been struggling with an inherent problem that affects exchanges and operators of other crypto services for quite some time. Worldwide, it has been difficult for them to establish relationships with commercial banks to provide Fiat gateways on the one hand and to manage their own finances on the other. To overcome this problem, many start-ups around the world are founding new banks to provide services specifically for the crypto industry.
The London-based start-up, founded in 2018, is struggling with a lack of understanding and the reputation problem of the crypto industry, according to the report. According to the report, DAG Global has held “constructive talks” with the British authorities, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
Author : Jake Simmons