Digital asset exchange After receiving registration confirmation from the Financial Conduct Authority (FCA) on Tuesday, Crypto.com has recently acquired the go-ahead for “certain crypto asset activities” in the UK.
The FCA’s Financial Services Register indicates that on August 16 “FORIS DAX UK LIMITED” was given Money Laundering Regulation Status and registered to engage in “certain crypto asset activities.”
The registered UK trade name for Crypto.com is FORIS DAX UK LIMITED.
Although the FCA website suggests that businesses engaging in cryptocurrency asset activity in the UK should register in order to comply with money laundering, terrorist financing, and transfer of funds regulations, details on the registration are scant at the time of writing, and neither Crypto.com nor the FCA has commented on it.
According to the FCA, exchanging crypto assets for cash, cash for crypto assets, automating a machine to do so, and exchanging crypto assets for crypto assets are all considered forms of crypto asset activity.
For anti-money laundering purposes, the FCA has also compiled a list of 248 UK companies that appear to be engaged in crypto asset activity but are not registered with the FCA.
Businesses that have applied but are still waiting for their applications to be processed are given temporary registration.
Due to its enforcement authority, the FCA is able to look into noncompliant businesses and levy fines against them.
With more than 50 million users worldwide, Singapore-based cryptocurrency exchange Crypto.com has recently been moving quickly to achieve regulatory milestones.
The preregistration filings for cryptocurrency trading platforms seeking regulatory approval in Canada and the Cayman Islands as virtual asset service providers were made on Monday and August 11, respectively. The registration in the UK comes after those filings.
Following the acquisition of payment service provider “PnLink Co., Ltd.” and virtual asset service provider “OK-BIT Co., Ltd.” on August 8, the exchange also received registration under the Electronic Financial Transaction Act and as a Virtual Asset Service Provider in South Korea.
With these and other regulatory accomplishments, Crypto.com seems to be vying for recognition as a safe and reliable exchange in the market for digital crypto assets, and its CEO Kris Marszalek has been vocal about its development.
