• Aave Labs secured FCA crypto asset registration for its UK subsidiaries.
• The approval creates a dual-license structure combining electronic money authorization with crypto exchange permissions.
• The move positions Aave Labs ahead of tightening UK and European crypto regulations as competition intensifies.

The world’s largest decentralized lending protocol has taken a significant step toward regulated mainstream finance, announcing on May 28 that its two UK subsidiaries have received crypto asset exchange provider registration from the Financial Conduct Authority.

Push Labs and Push Virtual Assets, UK subsidiaries of Aave Labs, have secured registration as crypto asset exchange providers from the Financial Conduct Authority (FCA), with the approval announced alongside the group’s existing Electronic Money Institution authorization, creating a dual-permissioned framework for regulated crypto services in the UK.

Aave Labs’ UK subsidiaries Push Labs Ltd. and Push Virtual Assets Ltd. (together “Push”) have received approval from the UK’s Financial Conduct Authority (FCA) to register as a cryptoasset exchange provider in the UK. pic.twitter.com/NcoueHDmeS

— Aave (@aave) May 28, 2026

The FCA’s online registry shows that the London-headquartered firm has been registered with the regulator since May 12, with registration obtained for certain crypto asset activities supporting plans to build regulated stablecoin on- and off-ramping infrastructure in the country.

What push actually does

Push describes itself as a simple way to move between euros and stablecoins. The product targets what Aave Labs considers the single biggest obstacle to mainstream DeFi adoption: the friction, cost, and regulatory uncertainty of moving capital between traditional bank accounts and onchain ledgers.

The FCA registration allows Push to operate as a crypto asset exchange provider, covering key activities such as exchanging crypto assets for fiat and vice versa. Combined with the existing Electronic Money Institution (EMI) license under the Electronic Money Regulations 2011, this authorization empowers the entities to issue electronic money and build comprehensive fiat-to-crypto infrastructure, with the dual framework positioning Push to deliver secure, regulated on-and-off ramping services with zero fees.

The zero-fee model is a deliberate market positioning decision. Most fiat-to-crypto infrastructure charges meaningful spreads at both entry and exit points, creating a persistent tax on retail users moving between traditional savings and onchain yield. Eliminating that cost removes one of the most visible arguments against using decentralized finance (DeFi) for everyday financial activity.

The dual-license architecture

Both Push Labs and Push Virtual Assets already held Electronic Money Institution authorization under the UK’s Electronic Money Regulations 2011, operating under firm reference number 900984, meaning they were already licensed to handle electronic money. The new FCA registrations, numbered 1031720 and 1031721, respectively, allow them to layer crypto exchange services on top.

The structural significance of stacking these two authorizations is considerable. An EMI license allows an entity to issue and redeem electronic money, essentially functioning as a lightweight payments institution. A cryptoasset exchange provider registration permits it to facilitate crypto-to-fiat conversion under UK Anti-Money Laundering rules.

This creates the full technical and legal stack needed to move a user from a sterling bank account to a stablecoin position and back again, all within a single regulated entity.

Stani Kulechov, founder and CEO of Aave Labs, framed the milestone as a stepping stone toward delivering what he called innovative, fee-free onchain consumer financial products.

The European picture

Ireland has given Aave Labs a regulatory passport to serve the 30-country European Economic Area. The UK, which exited the EU and operates its own regulatory framework, requires separate authorization. By securing both, Aave Labs has covered the two major regulatory jurisdictions in Europe in quick succession.

The sequencing matters. Markets in Crypto-Assets (MiCA), the EU’s comprehensive crypto asset regulation, is now in full effect across the bloc, and the UK is developing its own parallel crypto framework. Companies that have navigated both regulatory environments simultaneously will occupy a structurally advantaged position when the UK’s fuller crypto regime arrives.

The FCA has maintained a high bar for approval, rejecting or withdrawing applications from numerous firms. Aave Labs’ successful registration signals that the FCA is willing to engage with established DeFi projects that demonstrate robust compliance frameworks.

Aave is the world’s largest decentralized liquidity protocol, commanding over $12 billion in total value locked (TVL). The FCA registration does not change what happens onchain; it changes what Aave Labs can build around it at the regulated perimeter where most retail users will first encounter the protocol.