- DAG Global has resubmitted a letter to avail of a banking license by this month’s end.
- The application for banking license by DAG was filed in May the previous year, but due to the regulatory impact on the crypto market.
- DAG is found fine and capable of starting with crypto-related activities, said the CEO Sean Kiernan of DAG global.
The London based company DAG Global has resubmitted a letter to avail of a banking license by this month’s end and start its operations in the coming year through extensive planning.
Both Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA) in the United Kingdom are proceeding with caution to look into the volatile crypto market to frame regulations over its uses in the country.
They have also observed the banking industry’s links with the volatile crypto market. As both the ruling entities have not put any limitations or restrictions regarding the trade and usage of crypto, it has given serious jurisdiction for activities, including the illegal methods of gaining control of the crypto.
The application for banking license by DAG was filed in May the previous year, but due to the regulatory impact on the crypto market, the issue of license has been delayed, which has directly affected the company is postponing its launch date to next year.
As per the regulatory boards, DAG is found fine and capable of starting with crypto-related activities, said the CEO Sean Kiernan of DAG global. He also believes and has shared optimistic points of view on crypto growth and trading.
He also said that the lack of understanding of the potential of the crypto realm caused doubtfulness around it. He strongly said that Cryptocurrency is a cleaner mode of currency or money than the traditional fiat currencies.
In the large scale dimension, Cryptocurrency does not have any baking or institution support as the traditional currency. However, more and more companies are targeting the Cryptocurrency and the technology behind it.
“Blockchain” to try and implement its working for the seamless working of the Banking sector. Not only the UK but some companies in the US have also re-established their businesses with the main aim of serving digital assets.
Now, people are moving away from the traditional economy and establishing trust with crypto by investing in them mainly for its potential and immune to any economic impact.