Aave Labs’ Push Subsidiaries Gain FCA Registration for Crypto Services

Aave Labs announced that its UK entities Push Labs Ltd and Push Virtual Assets Ltd have been registered with the UK Financial Conduct Authority as crypto‑asset exchange providers, adding to the group’s existing electronic‑money authorisation [1]. The new licences create a “dual‑permissioned” framework that, together with a MiCA CASP licence in Ireland, enables regulated fiat‑to‑stablecoin on‑ and off‑ramps across the UK and the European Economic Area [2].

Key takeaways

• Push Labs Ltd and Push Virtual Assets Ltd received FCA registration as crypto‑asset exchange providers [1]
• The licences sit on top of an existing FCA Electronic Money Institution authorisation [2]
• A separate MiCA CASP licence was obtained in Ireland in November 2025, allowing EEA passporting [1]
• Aave Labs says the approvals will support zero‑fee stablecoin ramps and broader on‑chain consumer finance products [2]
• The regulatory stack positions Push as a regulated gateway for fiat‑to‑crypto services in the UK and Europe [1]

Dual‑permission framework expands Aave’s regulated footprint

The FCA registration covers both Push Labs Ltd and Push Virtual Assets Ltd, granting them the ability to operate as crypto‑asset exchange providers under UK oversight [1]. This builds on the group’s prior FCA authorisation as an Electronic Money Institution, which already permits the issuance of electronic money in the UK [2]. Together, the two sets of permissions form what Aave Labs describes as a “dual‑permissioned framework” for delivering regulated crypto‑asset and electronic‑money services [2].

Aave’s regulatory expansion began with the Irish entity Push Virtual Assets Ireland Limited securing a Crypto‑Asset Service Provider (CASP) licence under the EU’s MiCA framework in November 2025, a licence that enables passporting of crypto services throughout the European Economic Area [1]. The combination of the Irish CASP licence and the new UK FCA registrations gives Aave Labs a cross‑border regulatory base that can support zero‑fee fiat‑to‑stablecoin conversion and broader on‑chain consumer financial products [2].

Why it matters

The approvals give Aave Labs a regulated pathway to connect traditional bank accounts with its DeFi lending protocol, potentially lowering friction for users entering the Aave ecosystem [1]. By operating under both FCA and MiCA regimes, Push can offer non‑custodial, compliant payment infrastructure in two major markets, a strategic advantage as other firms such as Coinbase, MoonPay and Revolut compete for the same fiat‑to‑crypto flow [1]. However, the UK’s upcoming FSMA‑based crypto authorisation framework, expected to take effect in October 2027, introduces timing risk for firms relying on current registrations [1].

If Push can convert a modest share of its stablecoin volume into deposits on Aave, the added protocol revenue could substantively boost the DAO’s earnings, aligning the subsidiary’s commercial output with Aave token holders under the “Aave Will Win” governance framework [1]. The next steps will involve launching the zero‑fee ramp services and demonstrating that regulated on‑ramps can drive meaningful on‑chain activity, a test that will shape Aave’s broader strategy for regulated DeFi expansion.