TRAC Technology Limited, a majority-owned subsidiary of Lionsgold Limited(LON:LION), has been granted an electronic money licence by the UK’s Financial Conduct Authority.
This will allow it to act as a payment or e-payment institution and greatly facilitate TRAC’s activities as a provider of online accounts for holding physical gold.
"We are delighted to report that Lionsgold's fintech subsidiary, trading as "The Real Asset Co", has received FCA approval to provide certain regulated products and services under an E-Money licence,” said Lionsgold chief executive Cameron Parry.
"As announced to the market on 18 October 2017, Lionsgold has been developing TRAC's physical gold account product offering into "Goldbloc" - a global digital currency that represents direct ownership of physical gold. This approval is an important step to complete in the lead up to the initial product release."