Aave Labs’ UK stablecoin payment subsidiaries received FCA crypto exchange registration, clearing the way for crypto activity in the country.
Aave Labs, the DeFi developer behind the Aave crypto lending protocol, said two UK subsidiaries tied to its Push stablecoin ramp received registration from the UK’s Financial Conduct Authority (FCA).
The two subsidiaries, Push Labs and Push Virtual Assets, received FCA approval to register as crypto exchange providers in the UK, Aave said in a thread on X today.
With the registration, Push can provide infrastructure services for crypto activities in the UK, the company stated, noting that products that feature zero fee stablecoin on- and off-ramping were required as the firm prepares for “the next million users.”
Push aims to enable users to seamlessly switch from traditional banking funds to stablecoins without incurring ramp fees, though Aave hasn’t said when the service will launch in the UK.
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What the FCA Registration Covers
The two UK entities are registered under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017, Aave said, implying that the registration is for AML supervision, not an approval for every possible crypto service.
The group also said Push by Aave Labs is already authorized under the Electronic Money Regulations, allowing it to issue electronic money.
Given that the UK is still developing a broader crypto rulebook, the current registration gives Push somewhat a regulated foothold while the country moves toward fuller regulation.
The UK registration follows Aave Labs’ November authorization in Ireland, where its stablecoin-ramp subsidiary received approval from the Central Bank of Ireland under the MiCA crypto rules, according to Aave.
Despite the latest news, AAVE▲$75.81 is trading down 5.5% on the day at around $80.2, per CoinGecko data.
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