Crypto.com announced its reception of authorization from the Financial Conduct Authority (FCA) to operate as an electronic-money institution in the United Kingdom, as revealed in a press release on Monday. This authorization opens avenues for Crypto.com to offer e-money products within the UK market.
Past FCA Registrations and Compliance Efforts
Previously registered as Forisgfs UK, Crypto.com was recognized by the FCA as a crypto business in August of the preceding year.
In addition, CEO Kris Marszalek highlighted the significance of the UK market for Crypto.com’s business and the broader industry, emphasizing the country’s aspiration to establish itself as a crypto hub.
Crypto.com has been proactive in its pursuit of regulatory compliance globally. Beyond the UK, the exchange has actively obtained licenses and authorizations in various regions. Recently, it acquired licenses in Singapore and secured regulation as a derivatives clearing organization under the U.S. Commodity Futures Trading Commission (CFTC).
Additionally, the platform holds registrations and licenses in France, Dubai, and other jurisdictions.
UK’s Crypto Market Aspiration and Crypto.com’s Strategic Approach
The UK has expressed its intentions to become a significant crypto-friendly hub. In response, Crypto.com’s alignment with UK regulatory requirements showcases the exchange’s commitment to operating within legal frameworks while providing its services to customers.
Furthermore, the company’s strategy also includes complying with evolving regulatory standards globally, securing permissions, and ensuring adherence to compliance guidelines.
The attainment of an e-money institution license from the FCA positions Crypto.com to extend its range of offerings within the UK market. Lastly, the platform’s dedication to compliance with regulatory standards, alongside its strategic alignment with the UK’s crypto aspirations, underscores its commitment to operating ethically and transparently while advancing its services globally.