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Finance

Woori Bank wins UK licence for London trading centre, to begin operations this month

Woori Bank has obtained licences from UK regulators needed for client-facing derivatives business and securities management, it said. The bank said its London trading centre received approvals from the Financial Conduct Authority and the Prudential Regulation Authority on May 29. Woori Bank began work on setting up the centre in January last year and submitted its application in July, receiving final approval about 10 months later. It plans to start full operations this month after completing internal procedures.

Crypto

Bullish to acquire Equiniti, integrate shareholder management and tokenisation platform

Crypto exchange Bullish will acquire global transfer agent Equiniti from private equity firm Siris for $4.2 billion, The Block reported on May 5. Transfer agents officially record and manage ownership transfers of securities such as stocks and bonds. Equiniti processes $500 billion in annual payments and holds shareholder data on 20 million people. Bullish said it will combine its blockchain issuance and compliance services with Equiniti’s shareholder record system.

Crypto

UK restores tax-free access to crypto ETNs as startup Stratiphy launches service

UK retail investors can again hold cryptocurrency exchange-traded notes (ETNs) in tax-free accounts. Startup Stratiphy has secured approval to run an Innovative Finance ISA and launched a service that lets individuals buy 21Shares crypto ETNs in a tax-free structure. The launch comes after changes by the Financial Conduct Authority and HM Revenue & Customs altered how such products can be held. 21Shares said its products have gained more than 40 percent of the market.