Crypto.com, a leading digital asset platform serving over 80 million customers globally, has achieved a major regulatory milestone. The company has been granted authorization as an Electronic Money Institution (EMI) by the UK’s Financial Conduct Authority (FCA). The announcement, made on December 4, 2023, follows Crypto.com’s previous registration as a cryptoasset business with the FCA in August 2022.
The development not only strengthens Crypto.com’s position as a trusted leader in the digital asset industry but also underscores its dedication to aligning with stringent regulatory standards, thereby enhancing consumer trust and broadening its product offerings in one of the world’s foremost financial markets.
Expanding services in the UK market
With the new EMI authorization, Crypto.com is set to expand its offerings in the UK, introducing a range of localized e-money products. The move aligns with the company’s commitment to adhering to the highest standards of consumer protection, a key aspect of the robust FCA regulatory framework. Kris Marszalek, CEO of Crypto.com, emphasized the importance of the UK market for the company and the broader industry. He expressed enthusiasm about continuing to work with the FCA, a global leader in regulatory compliance, to foster responsible innovation in the crypto space.
The development is a testament to Crypto.com’s dedication to regulatory compliance, security, and privacy, reinforcing its position as an industry leader. The EMI authorization will enable Crypto.com to offer enhanced financial services and products to its UK customers, further solidifying its presence in one of the world’s most significant financial markets.
A global regulatory journey
Crypto.com’s journey in securing regulatory approvals has been extensive and global. The company has successfully obtained a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services and e-money issuance from the Monetary Authority of Singapore. In the United States, it is regulated by the Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization (DCO) and a Designated Contracts Market (DCM).
In Europe, Crypto.com has made significant strides with registrations and approvals across several countries. It has been registered as a Digital Asset Service Provider (DASP) by France’s Autorité des marchés financiers (AMF) and has received regulatory nods in Spain, Italy, Greece, and Cyprus. The company has also made headway in the Middle East with its MVP Preparatory Licence and a pending Virtual Asset Service Provider Licence from Dubai’s Virtual Assets Regulatory Authority (VARA).
In the Asia-Pacific region, Crypto.com has secured registration in South Korea under the Electronic Financial Transaction Act and as a Virtual Asset Service Provider. In Australia, it has been approved as a Digital Currency Exchange Provider and Independent Remittance Dealer by AUSTRAC, and holds an Australian Financial Services Licence and Australian Credit Licence from the Australian Securities and Investments Commission (ASIC).
Furthermore, Crypto.com has achieved regulatory approval from the Cayman Islands Monetary Authority and has undertaken pre-registration with the Ontario Securities Commission and Canada Securities Administrators.
Conclusion
Crypto.com’s latest authorization by the UK’s FCA as an Electronic Money Institution marks a significant milestone in the company’s global regulatory journey. The achievement not only enhances Crypto.com’s credibility and trustworthiness in the eyes of consumers and regulators but also sets a high standard for regulatory compliance in the rapidly evolving cryptocurrency industry. As Crypto.com continues to expand its global footprint, its commitment to adhering to local and international regulatory standards is pivotal in shaping the future of digital finance and fostering a secure and regulated environment for cryptocurrency users worldwide.
