Our Journey And Vision
Challenger bank need a full scale retail banking licence, the Consumer Credit this revolutionary technology to enhance the crypto customer proposition and to reduce the cost for the crypto customer. In complement the traditional bank project and these two streams banking licence and developing a blockchain banking cryptocurrencies, Cryptov8 performed a comprehensive and crypto customer, new bank, financial institutions as possible ease of account opening, the customer experience, both plan. Alongside the traditional banking services, team members have been actively engaged in the cryptocurrency market to assess proposition. service. Our traditional bank market research also showed that whilst the Consumers in the traditional banking world had become underserved, understanding, have actively hindered the crypto customer and The result of our planning process is that we have developed a bank customer proposition that we believe will provide a highly attractive, viable alternative to high street banks for retail consumers and SME’s (Small, Medium Enterprises) via customer centric products and a greatly enhanced customer banking experience. The UK regulatory authorities have been supportive and our regulatory bank plan reinforces the core regulatory principle of a better, fairer outcome for customers. landscape. We are aiming to become a traditional mainstream bank for the future: not a bank on the fringes, but a bank which is at the heart of the wider banking landscape. financial lives.
Legal And Regulatory Standards
As previously stated, the overall Cryptov8 proposition intends to establish an authorised entity in the banking sector, as well as a crypto business, between them offering both traditional and crypto banking services.
Many of our team members are experienced with the Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA) regulatory process.
The UK regulatory framework is one of the most mature and stringent in the world and we believe gives a good start as we expand into other jurisdictions.
The government and financial regulators have demonstrated a pragmatic, collaborative and progressive attitude towards cryptocurrencies.
Based in London, we are in a major financial centre of the world and well placed to hire necessary skills and knowledge into the organisation.
London is also the major FinTech hub in Europe and a good place for the inception and incubation of new ideas.
Our plan assumes that the full-scale retail bank will enter into Authorisation with Restriction by mid 2019. There are 5 main stages to authorisation.
Application Process
- The pre-application process is a multi-stage process that begins with an initial meeting.
- The intended unique selling points of the bank
- The projected volumes for growth
- An appreciation of the capital and staffing requirements
- What the go-to-market strategy will be
- Management’s ability to understand, and operate under the UK regulatory regime for banks.
Compliance, technology, business continuity, financial projections, staffing projections and other aspects of running a bank start to solidify. Devise a regulatory business plan, this plan forms the basis of the application. For the Cryptov8 bank entity this document currently exceeds 400 pages.
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