- Crypto.com achieves FCA approval.
- The license empowers crypto.com to introduce UK-localized e-money products.
- The series of approvals underscores the exchange’s responsible innovation in the rapidly evolving cryptocurrency market.
Singapore-based cryptocurrency exchange, Crypto.com, has achieved a significant milestone by securing an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA).
This move allows the exchange to introduce UK-localized e-money products, ensuring compliance with stringent FCA consumer protection standards.
We are proud to announce that https://t.co/vCNztATSCO has been authorised as an Electronic Money Institution (EMI) by the UK’s Financial Conduct Authority (FCA), building on our position in the UK market.
Full details:https://t.co/r9lKtF1nkX pic.twitter.com/FMywky63yL
— Crypto.com (@cryptocom) December 4, 2023
Crypto.com, serving over 80 million users globally, continues its strategic expansion, emphasizing regulatory compliance in various jurisdictions.
Crypto.com’s E-Money License and UK expansion
Crypto.com’s recent authorization as an EMI by the FCA signifies a pivotal step in the exchange’s commitment to the UK market. The license empowers Crypto.com to offer a range of e-money products tailored for the UK audience, acting as a digital substitute for traditional fiat currency.
The UK license follows the exchange’s earlier registration as a cryptoasset business in August 2022, enabling the provision of diverse products and services to its UK clientele while complying with local regulatory standards. The CEO, Kris Marszalek, expressed the company’s dedication to the UK market and stressed the importance of collaborating with the FCA for responsible innovation in the crypto space.
Crypto.com’s global regulatory pursuit
Crypto.com’s pursuit of regulatory approvals extends beyond the UK. In November 2022, its Dubai branch secured a Virtual Asset Service Provider (VASP) license, enabling the exchange to offer services such as exchange, broker-dealer, management, investment, lending, and borrowing in Dubai. Earlier, in June 2023, the exchange finalised its registration in Singapore and registered as a VASP with the Bank of Spain, allowing it to offer compliant products and services in Spain, adhering to anti-money laundering directives and financial crime laws.
These regulatory milestones underscore Crypto.com’s dedication to compliance and user protection as it navigates the dynamic cryptocurrency market. The strategic acquisition of licenses across diverse jurisdictions reinforces the exchange’s position as a global player committed to regulatory standards and responsible innovation in the evolving crypto landscape.