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Coinbase and Circle Take Steps Towards Meta Banking for the Cryptocurrency Industry with Guidance from Bank of England

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7:00-12:00 Keyword: Coinbase, Meta, Bank of England, Circle
Summary of important developments at noon on March 11
Analysis based on this information:
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Coinbase and Circle Take Steps Towards Meta Banking for the Cryptocurrency Industry with Guidance from Bank of England

7:00-12:00 Keyword: Coinbase, Meta, Bank of England, Circle

Summary of important developments at noon on March 11

Analysis based on this information:


Coinbase and Circle have recently announced that they are taking significant steps towards the establishment of a meta banking system for the cryptocurrency industry. This development comes in the wake of the Bank of England’s issuance of guidance on the regulatory requirements for payment systems using distributed ledger technology (DLT), commonly known as blockchain.

Coinbase and Circle have long been considered key players in the cryptocurrency industry, with Coinbase being one of the world’s largest exchanges for buying, selling, and storing cryptocurrencies, while Circle is a peer-to-peer payments technology that allows individuals to send and receive payments using blockchain technology. By taking steps towards offering meta banking services, these companies appear to be aiming to provide a wider range of financial services to their customers, similar to those provided by traditional banks.

The Bank of England’s guidance, which was released in September 2020, outlines the key issues that payment system providers, including those using DLT, must address to ensure they meet regulatory requirements. These include data protection, operational resilience, and anti-money laundering and terrorism financing (AML/CTF) measures.

By following the guidance provided by the Bank of England, Coinbase and Circle could help to increase trust and legitimacy in the cryptocurrency industry. As more companies move towards meta banking, it’s hoped that this will lead to greater adoption of cryptocurrencies and blockchain technology by traditional financial institutions and the general public.

The move towards meta banking is just one of the latest developments in the cryptocurrency industry, which has seen rapid growth in recent years. With the emergence of new cryptocurrencies and blockchain-based applications, it is becoming clear that the industry is poised for continued growth and innovation.

In summary, Coinbase and Circle’s recent move towards meta banking, in line with guidance from the Bank of England, represents a significant step forward for the cryptocurrency industry. As these companies continue to develop new financial services based on blockchain technology, it is hoped that this will help to drive greater adoption of cryptocurrencies and spur further innovation in the sector.

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