UK Government Approves Tramonex Labs to Issue Currency on Blockchain

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UK-based Blockchain startup Tramonex has been granted a restricted registration as a Small Electronic Money Institution by the Financial Conduct Authority (FCA) – and this is the first time this kind of financial services provider has been granted this kind of permission to issue electronic money.

Joseph Young at Cointelegraph reports more.

In 2011, the FCA released the Electronic Money Regulations to provide certain financial service providers and institutions the ability to operate as a money transmission firm and payment facilitator. To be approved by the FCA and obtain an EMI authorization, a company must be fully compliant with local regulations, security requirements and reporting and notification requirements.

In order to remain as an EMI-authorized company within the UK, a startup needs to allocate a significant amount of resources and capital to ensure none of its operations are in conflict with the regulations imposed by the FCA.

Once an EMI authorization is granted, a startup can begin to issue, distribute and redeem e-money. That means a Blockchain startup like Tramonex can issue a legal Blockchain-based currency, facilitate payments, launch applications or service on top of its infrastructure.

Marc Avedissian, co-founder of Tramonex Labs, commented:

“Automation of payments using the blockchain and smart contracts will reduce costs of transactions, allowing for the adaptation of this solution across many different fields such as insurance, real estate and government, to name only a few. Previously the missing link was lack of regulation – Tramonex Labs is very proud to provide a regulated environment where digital payments can be executed in a secure and transparent way.”

Tramonex sees this opportunity as the first step in revolutionising payments on the blockchain. They say that with the reduction in cost and execution via smart contracts will come the elimination of the middlemen. One of the most significant outcomes will be ‘banking the unbanked’: enabling international payments for those who do not enjoy access to the traditional banking and financial infrastructure.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) – Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, “The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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