- FCA grants Crypto.com Electronic Money Institution license.
- Expansion of UK-localized e-money products in the pipeline.
- Reinforcing trust through regulatory compliance milestones.
In a strategic move to fortify its foothold in the United Kingdom, Crypto.com, the distinguished Singapore-based cryptocurrency exchange, has clinched an Electronic Money Institution (EMI) license from the Financial Conduct Authority (FCA). The milestone, unveiled through an official press release on Monday, December 4, 2023, signifies a pivotal advancement for Crypto.com as it broadens its array of services within the UK.
The EMI license, an extensive authorization bestowed by the FCA, endows Crypto.com with the capability to administer and provide electronic money services, further diversifying its financial offerings. This development follows the company’s earlier registration with the FCA in August 2022 as a recognized cryptoasset business.
Known for its unwavering commitment to security, privacy, and regulatory adherence, Crypto.com boasts a user base exceeding 80 million globally. The recently acquired EMI license is poised to fortify the company’s position as a frontrunner in the industry. Approval from the FCA opens avenues for Crypto.com to introduce a suite of UK-centric e-money products, aligning with its mission to uphold high standards of consumer protection.
Expressing enthusiasm about the achievement, Kris Marszalek, the CEO of Crypto.com, stated, “The UK market remains pivotal to our operations and the broader digital asset industry. We look forward to continuing our work with the FCA, a global regulatory leader, in fostering responsible innovation in the crypto sector.”
The attainment of the EMI license underscores Crypto.com’s rigorous adherence to regulatory mandates, encompassing anti-money laundering and counter-terrorist financing measures in compliance with UK law. This places Crypto.com in the esteemed company of other crypto-focused entities like Coinbase and Gemini, which have also secured the coveted EMI license in the UK.
In the backdrop of an escalating global push for cryptocurrency regulation, Crypto.com’s dedication to regulatory compliance serves as a benchmark within the industry. The successful navigation through the regulatory landscape sets a positive trend for the broader cryptocurrency market, instilling increased trust and stability for users and investors alike.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.