By
Steve Muchoki
April 26th, 2024
Crypto.com will provide customers in the country with a suite of e-money products that are localized for the UK.
Crypto.com, one of the leading digital assets trading platforms in the industry has secured regulatory approval from the UK’s financial authority to operate as an Electronic Money Institution (EMI) in the country.
In an official announcement on December 4, the company said the license was approved by the United Kingdom Financial Conduct Authority (FCA), the regulatory body overseeing the nation’s financial landscape. This significant milestone achievement now allows Crypto.Com to provide its business offerings in the UK.
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
The UK Is an Important Market for Crypto
With the EMI authorization, the exchange plans to introduce a suite of UK-localized e-money products tailored to the needs of customers in the region.
The new development follows Crypto.Com’s initial registration in the UK as an authorized crypto asset firm back in August last year. At that time, the registration as a digital asset service provider allowed the exchange to legally offer specific product offerings in adherence to the country’s financial laws.
The firm has now expanded its offerings with the EMI registration, joining the ranks of other crypto exchanges that have received similar licenses in the United Kingdom.
Kris Marszalek, the CEO of Crypto.Com, recognized the country as an important market for the company as well as the industry, noting that the exchange will continue to work with the FCA to provide responsible innovation for crypto.
“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 leaders at the FCA in our collective pursuit of responsible innovation for crypto,” he said.
In its effort to explore the British market fully, Crypto.Com, which prides itself on being an industry leader in regulatory compliance, security, and privacy, has made strategic hires in the UK. In March 2022, the company appointed a UK General Manager and a Global Head of Sustainability and ESG to strengthen its workforce.
Crypto.Com Is Committed to Regulatory Compliance
The company said the EMI licenses show its commitment to global regulatory compliance.
The latest registration adds to the company’s portfolio of licenses obtained from financial regulators worldwide to better serve its customers. Earlier this year, in July, the exchange announced that it had received a Major Payment Institution (MPI) license for Digital Payment Token (DPT) in Singapore.
The move comes after the Singapore-based company previously acquired in-principle approval from the country’s financial authority, the Monetary Authority of Singapore (MAS).
Crypto.com has also expanded to other regions worldwide, including the United States, where it is registered as a regulated derivatives clearing organization under the country’s Commodities Futures Trading Commission (CFTC), France, Australia, Spain, and the United Arab Emirates.
The company, launched in 2016, boasts 80 million customers from around the world.