Payments startup Bottlepay said it has been approved by the Financial Conduct Authority (FCA) to conduct crypto-asset business in the UK, making it the first Lightning Network-based company to obtain authorization from the country’s financial regulator .
- Bottleplay, that is owned by Bitcoin investment company NYDIG, allows users to make micropayments using messages on Twitter, Reddit, and Discord on the Lightning Network, a layer on top of the Bitcoin blockchain that enables faster transactions.
- FCA registration demonstrates that a company has complied with the regulations of the watchdog body against money laundering and terrorist financing. The FCA became the supervisor of these matters in the UK in January 2021, forcing all crypto-asset companies to register in order to continue operating.
- Bottlepay is based in Newcastle, in the north-east of England, and was bought by New York-based NYDIG for around $ 300 million in shares last October. It is available in the UK and across Europe.