Aave Labs unit gains UK FCA crypto registration for stablecoin ramp plans

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Aave Labs gains UK FCA crypto registration

Highlights

Aave's UK subsidiaries Push Labs Ltd. and Push Virtual Assets Ltd. received FCA cryptoasset registration on May 12, enabling regulated stablecoin ramp development.
FCA registration allows Push to offer non-custodial, zero-fee euro-to-stablecoin on- and off-ramping without push fees or spreads, targeting European expansion.
Aave remains the largest decentralized lending protocol and second-largest DeFi protocol by total value locked at $13.6 billion, with recent support from a $25 million stablecoin grant and 75,000 AAVE tokens.

UK approval supports regulated ramp rollout

As reported by Aave, its UK subsidiaries Push Labs Ltd. and Push Virtual Assets Ltd., together known as Push, have received Financial Conduct Authority cryptoasset registration as cryptoasset exchange providers under the current Anti-Money Laundering regime. The FCA registry shows the London-headquartered firm has been registered since May 12, and Aave says the approval applies to certain cryptoasset activities tied to its UK buildout.

The authorization allows the group to develop regulated stablecoin on- and off-ramping infrastructure in the UK. Push describes its service as a way to move between euros and stablecoins, with users able to convert between bank accounts and crypto wallets without push fees or spreads.

Aave says the product is designed as a non-custodial service, meaning the platform does not hold users' funds while stablecoins are transferred directly to their crypto wallets. In a post on X, the company says regulated zero-fee stablecoin on- and off-ramping is necessary as it builds for the next million users.

Regulatory timing and DeFi market impact

The registration comes as the UK moves closer to comprehensive crypto regulation under the Financial Services and Markets Act, which takes effect in October 2027. Under that framework, crypto firms will need full FCA authorization to carry out activities such as trading or custody in the UK, and the regulator has previously said existing registration under Money Laundering Regulations will not automatically convert into authorization under the future regime.

Push is currently available to residents of Ireland and says it is expanding across Europe, with additional European Economic Area countries due to be supported soon. The company enters a market that already includes Coinbase onramp, Ramp Network, Bleap and Alchemy Pay.

Aave remains the largest decentralized lending protocol and the second-largest DeFi protocol by total value locked, at $13.6 billion according to DefiLlama data cited in the report. The FCA approval follows the protocol DAO's grant of $25 million in stablecoins to Aave Labs under the "Aave Will Win" framework, as well as 75,000 AAVE tokens intended to incentivize developers and support growth.

Our earlier article on London’s position in Europe’s tech ecosystem noted that the city reclaimed the region’s top spot on the back of stronger venture funding and a growing base of unicorns, with momentum led by AI and deep tech. We also highlighted how a small group of established hubs is driving Europe’s scaling landscape, even as other cities build specialist strengths.

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