Clear Junction, a global leader in cross-border payments for regulated institutions, has joined the UK Cryptoasset Business Council (UKCBC) to support and empower the growth of the crypto ecosystem.
The UKCBC serves as the leading voice for the UK’s crypto and Web3 ecosystem through active engagement with policymakers, regulators, and legislators. It educates policy and regulatory decision-makers, promotes collaboration and best practice among the leading industry players, and advocates for clear regulation to positively influence the development of the UK’s crypto ecosystem.
By facilitating meaningful connections, enabling collaboration, knowledge sharing and partnerships, the UKCBC supports crypto users, investors and businesses to foster innovation, consumer protection and growth through effective policy.
Clear Junction’s membership of the UKCBC comes at a pivotal moment for crypto’s acceptance into the financial mainstream. With digital asset regulatory frameworks like the EU’s MiCA now in place, and with the recent approval of spot Bitcoin ETFs by the US Securities and Exchange Commission, institutional and consumer usage of crypto is growing. Boston Consulting Group predicts nearly one billion cryptocurrency users by 2027, while institutions are now exploring the potential of stablecoins in new use cases, including a Visa pilot project sending USDC stablecoins to merchants through the Solana blockchain.
Sasha Skoryk, Director of Product and Banking at Clear Junction, commented: “The UKCBC is the ideal forum to drive the sector forward and inform regulations that protect consumers and businesses. We are looking forward to contributing our expertise, experience and insights to the council and working with it to advance the UK crypto sector.”
Simon Jennings, Executive Director at UKCBC, added: “Clear Junction’s decision to join the UKCBC is a testament to our mission of advancing the UK’s cryptoasset and Web3 sectors through collaboration, education, and advocacy. We’re thrilled to welcome them aboard as their expertise and commitment to fostering an innovative ecosystem will undoubtedly enrich our efforts in shaping clear and effective regulations - ultimately benefiting consumers and businesses alike.”
Established in 2016 and fully licensed by the Financial Conduct Authority, Clear Junction’s pioneering proprietary technology enables regulated institutions with access to accounts, virtual IBANs, payment networks, FX and e-wallets quickly, safely, and in compliance with industry and regulatory requirements.
Renowned for its compliance strengths and its ability to use its proprietary tech for new use cases like fiat and crypto trading, Clear Junction’s membership of the UKCBC comes as it builds on its recent successful crypto-related initiatives. In December 2022, Clear Junction launched its revolutionary anti-fraud escrow solution to build trust into the digital assets industry, giving trading exchanges and their customers the confidence to safely transact with crypto and convert it into fiat money at competitive FX rates.
Every step of the transaction is verified through its internal API system, allowing for seamless access to blockchain data, address validation, and real-time monitoring. When funds are released, both parties will receive 100% of what they expect every single time.
In 2023, Clear Junction acquired UK-regulated cryptoasset firm Altalix, which specialises in crypto trading. This strategic move enhances Clear Junction’s existing payment services with crypto capabilities, allowing clients to transact in traditional fiat ways and explore innovative approaches to using crypto, including stablecoins for inbound and outbound payments.
By working with Clear Junction, clients can shorten the time to market they typically face when establishing banking relationships, access new markets, and tap into game-changing technologies and expertise to achieve lower costs and more convenient payment choices.