UK government has been trying for some time now to stiffen the grip on cryptocurrency regulations. DAG Global, a UK based<a href="https://www.cryptoknowmics.com/news/uk-based-startup-currencycloud-raises-80m-in-funding-round"> start-up</a>, has held talks in a bid to become country’s first bank for cryptocurrency business, in the midst of the regulatory cautions and controversy, according to a<a href="https://www.ft.com/content/e1aa7c02-49ab-11ea-aeb3-955839e06441"> report</a>.

DAG Global has reinstated its desire to resubmit its application, next month to gain the banking license in 2021 so that it becomes the first bank to kickstart the crypto banking business.

The report says that the Financial Conduct Authority (<a href="https://www.cryptoknowmics.com/news/uks-fca-increases-cryptocurrency-business-registration-fee-to-10000">FCA</a>) and the Prudential Regulation Authority (PRA) have forewarned people and banking sectors about the potential risk that comes along with the cryptocurrency businesses, although they both have not discouraged banks categorically from providing crypto-services.

Chief executive of DAG Global, Sean Kiernan has stated that he feels that the lack of understanding coupled with the reputation risk is what makes

people be ignoramus towards the crypto banking system, and he believes that it has the potential to be a cleaner sector than even mainstream finance if done right.
<h2>DAG Optimistic </h2>
DAG Global’s efforts to earn a license dates back to May 2019. Kiernan noted that ever since they first submitted its application, they’ve been involved in constant constructive dialogues with the UK regulators, the Prudential Regulation Authority and Financial Conduct Authority. Delving deeper into the details, Kiernan said that they had not been red-flagged yet by any of the prominent regulators.

Stephanie Ramezan, chief commercial officer at DAG, also shared her two cents on the ongoing matter and said that the people’s concern regarding the current banking system sticks out like a sore thumb and went on to add that
<blockquote>“We’re being approached on a daily basis by corporates in the space because people are fed up with what they’re faced with to meet basic business banking needs at the moment.”</blockquote>

DAG Global Applies to Become UK's first Bank For Crypto-Business

DAG Global, a digital banking platform has applied for a banking license to become UK's first Bank For Crypto-Business, despite regulatory concerns.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

DAG Global Applies to Become UK's first Bank For Crypto-Business

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