Looking to bridge the world of fiat and digital currencies, Fipto, a blockchain-based payment infrastructure, is looking to make it easier for firms to integrate stablecoins and optimise existing global payment flows using blockchain. The firm has completed its next major milestone as it has been officially licensed as a Payments Institution by the French Prudential Control and Resolution Authority (ACPR), part of the Bank of France.
The Fipto platform allows organisations to reduce costs, increase speed of payments, and expand their currency capabilities for international transactions. The new ACPR accreditation enables Paris-based Fipto to send and receive global fiat payments on behalf of third parties, streamlining access to stablecoin transactions by significantly reducing intermediaries.
Patrick Mollard, CEO and founder of Fipto, said: “Getting this approval is the result of a very demanding two-year process that will allow us to strengthen our value proposition in France and Europe. We can now master the entire payment chain, combining traditional currencies and digital currencies, to offer an infrastructure that is even more efficient, competitive and compliant with security and compliance requirements.”
The next regulatory step
Already registered as a Digital Asset Service Provider (DASP) with the French Financial Markets Authority (AMF), Fipto has expanded its stablecoin capabilities with double regulatory approval in France. The firm is also a licensed Virtual Asset Service Provider (VASP) in Luxembourg.
With its new status as a licensed Payments Institution, Fipto is positioned at the intersection of traditional and digital finance. Thanks to its dual VASP and Payments Institution (traditional currencies) registrations, Fipto is capable of managing the entire payment chain.
These licences mark an important step in Fipto’s regulatory roadmap. The VASP registration will soon transition to CASP (Crypto-Asset Service Provider) registration (for which Fipto will have to apply), under the forthcoming EU MiCA regulation, granting license holders the right to operate across the European Union. The ACPR’s Payments Institution licence is also passportable throughout the European Economic Area (EEA).
