{"id":27674,"date":"2020-08-25T10:19:18","date_gmt":"2020-08-25T07:19:18","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=27674"},"modified":"2025-08-26T22:27:46","modified_gmt":"2025-08-26T19:27:46","slug":"aave-obtains-uk-electronic-money-institution-licence","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/aave-obtains-uk-electronic-money-institution-licence\/","title":{"rendered":"Aave Obtains UK Electronic Money Institution Licence"},"content":{"rendered":"<p><span style=\\\"font-weight: 400;\\\">The company behind the lending DeFi protocol Aave has received an electronic money institution licence in the United Kingdom.<\/span><!--more--><\/p>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">The Financial Conduct Authority (FCA) <\/span><a href=\\\"https:\/\/register.fca.org.uk\/s\/firm?id=0010X00004U9vVAQAZ\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\"><span style=\\\"font-weight: 400;\\\">\u043e\u0434\u043e\u0431\u0440\u0438\u043b\u043e<\/span><\/a><span style=\\\"font-weight: 400;\\\"> the application on July 7. The licence allows the recipient to provide payment services and issue digital money alternatives.<\/span><\/p>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">Founder and CEO Stani Kulechov <\/span><a href=\\\"https:\/\/www.theblockcrypto.com\/post\/75845\/aave-uk-fca-emi-license-defi\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\"><span style=\\\"font-weight: 400;\\\">\u0440\u0430\u0441\u0441\u043a\u0430\u0437\u0430\u043b<\/span><\/a><span style=\\\"font-weight: 400;\\\"> The Block that the company first submitted the application back in 2018.<\/span><\/p>\n<p>\\n<\/p>\n<blockquote>\n<p><span style=\\\"font-weight: 400;\\\">&#8220;The aim was to help the Aave ecosystem integrate payment accounts and attract new users. The electronic money institution licence is the same permission that Coinbase and Revolut have in Europe,&#8221; he noted.<\/span><\/p>\n<\/blockquote>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">With the licence, users will be able to buy stablecoins and other digital assets with fiat, and then use these funds within the Aave protocol. Testing of new capabilities will take place in the United Kingdom, after which it will expand to Europe and the rest of the world.<\/span><\/p>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">The project plans to obtain additional licences in the future. Kulechov noted that governance of the protocol should be fully decentralised, though regulator approvals are necessary for its broad adoption.<\/span><\/p>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">He added that the company continues work on issuing governance tokens for the protocol to enhance its decentralisation. Smart-contract audits are underway at present.<\/span><\/p>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">The Aave protocol ranks first by total value locked, according to <\/span><a href=\\\"https:\/\/defipulse.com\/\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\"><span style=\\\"font-weight: 400;\\\">DeFiPulse<\/span><\/a><span style=\\\"font-weight: 400;\\\">. In the last 24 hours, the metric rose by 6.67%, reaching $1.47 billion. Maker fell to second place with $1.45 billion.<\/span><\/p>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">In mid-July, the project <\/span><span style=\\\"font-weight: 400;\\\">raised<\/span><span style=\\\"font-weight: 400;\\\"> $3 million in investments from Framework Ventures and Three Arrows Capital.<\/span><\/p>\n<p>\\n<\/p>\n<p>Follow ForkLog news on <a href=\\\"https:\/\/www.facebook.com\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company behind the lending DeFi protocol Aave has received an electronic money institution licence in the United Kingdom.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1212,36],"class_list":["post-27674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-aave","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=27674"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27674\/revisions"}],"predecessor-version":[{"id":27675,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27674\/revisions\/27675"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=27674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=27674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=27674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}