Singapore-based crypto exchange Crypto.com received authorization from the UK’s Financial Conduct Authority (FCA) to operate as an electronic money institution (EMI).
Cryptocurrency exchange Crypto.com announced on Monday that it is now authorized as an Electronic Money Institution (EMI) in the United Kingdom.
The exchange said it obtained an EMI license from the UK’s Financial Conduct Authority (FCA) and may now offer a “suite of UK-localized e-money products.”
Crypto.com Broadens Product Offering in the UK
Crypto.com’s EMI license may now offer a wide range of financial services. The exchange previously received regulatory approval from the FCA as a cryptoasset business, which allows it to provide a “suite of products and services to customers in the UK, compliant with local regulations.” Cryptoasset registration is granted to firms that engage in cryptoasset activities in the UK and focuses on anti-money laundering and counter-terrorist financing compliance. Crypto.com’s EMI license allows the firm to offer a broader range of financial services, such as issuing and managing electronic money.
Kris Marszalek, CEO of Crypto.com commented:
“The UK has and continues to be a hugely important market for our business and the greater industry.
We look forward to continuing to collaborate with a global regulatory leader in the FCA in our collective pursuit of responsible innovation for crypto.”
In its press release, the exchange highlighted that it intends to conduct its business in line with the FCA’s robust regulatory regime and will focus on “ensuring the highest standards of consumer protection.”
Firms like Coinbase, Gemini, Kraken and Aave’s UK business entity also hold EMI licenses.
Committed to Global Regulatory Compliance
The exchange has proven its dedication to adhering to global regulatory requirements and has been authorized to conduct its activities in numerous countries.
Most recently, the exchange announced its Dubai entity, CRO DAX Middle East FZE, obtained a Virtual Asset Service Provider (VASP) license from Dubai’s regulatory authority.
Before that, the exchange registered with the Central Bank of the Netherlands to provide crypto services. Crypto.com further obtained VASP registration from the Bank of Spain, allowing it to offer its products and services to customers in Spain.
In its press release announcing its UK EMI license, the exchange also noted:
“Today’s announcement continues Crypto.com’s regulatory licence momentum, having received its Major Payment Institution (MPI) licence for Digital Payment Token (DPT) and its MPI for e-money issuance, account issuance, cross border and domestic money transfer services from the Monetary Authority of Singapore; a US Commodity Futures Trading Commission (CFTC) regulated Derivatives Clearing Organization (DCO) and a Designated Contracts Market (DCM); registration as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France; approval of its MVP Preparatory Licence, and its Virtual Asset Service Provider Licence pending operational approval from the Dubai Virtual Assets Regulatory Authority (VARA); Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea; registration approval as a Digital Currency Exchange Provider and Independent Remittance Dealer in Australia by AUSTRAC; an Australian Financial Services Licence and Australian Credit Licence from the Australian Securities and Investments Commission (ASIC); registration in Spain as a Virtual Asset Service Provider (VASP) from the Bank of Spain; registration in Italy from the Organismo Agenti e Mediatori (OAM); registration in Greece from the Hellenic Capital Market Commission; registration in Cyprus from the Securities and Exchange Commission; regulatory approval from the Cayman Islands Monetary Authority; and a pre-registration undertaking with the Ontario Securities Commission and Canada Securities Administrators, among others.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
