Aave Labs' U.K. subsidiaries have received approval from the Financial Conduct Authority to register as cryptoasset exchange providers, allowing one of the largest decentralized finance operators to do business legally in the United Kingdom.
The two subsidiaries — Push Labs Ltd. and Push Virtual Assets Ltd., together operating as Push — are now registered under U.K. anti-money laundering rules and hold an existing FCA authorization under the Electronic Money Regulations 2011 to issue electronic money, giving Aave Labs a dual-permissioned framework to build regulated payments infrastructure in the U.K., the firm announced.
Combined with an existing FCA authorization under the Electronic Money Regulations 2011 to issue electronic money, the approvals give Aave Labs the regulatory footing to offer full-stack fiat-to-crypto infrastructure in the U.K.
The immediate commercial goal is a zero-fee on- and off-ramp that lets users move money directly from their bank account into Aave without leaving the app.
"Our FCA EMI authorization and cryptoasset registrations provide the regulatory foundation to deliver next-generation, zero-fee onchain consumer financial products in the U.K.," Aave Labs founder and CEO Stani Kulechov said in a statement.
