Crypto.com has secured authorization as an Electronic Money Institution (EMI) from the UK’s Financial Conduct Authority (FCA).
Currently, European central banks regulate and accept electronic money as a digital replacement for fiat money. E-money, like conventional bank-issued currencies, is intended to make transactions easier and serve as a means of payment.
The most recent event happened after August 2022, when Crypto.com registered as a cryptoasset business with the FCA. With full conformity with local regulatory norms, this registration allowed the exchange to offer its UK consumers a wide range of products and services.
The CEO of Crypto.com, Kris Marszalek, emphasized the company’s commitment to the UK market and its importance for the industry. Additionally, he underlined how crucial it is to work with the FCA, a leading international regulatory body, to promote ethical innovation in the cryptocurrency industry.
With over 80 million customers globally, Singapore-based cryptocurrency exchange Crypto.com has been working quickly to obtain regulatory licenses in a number of different jurisdictions.
A virtual asset service provider (VASP) license for particular virtual asset services was granted to Crypto.com’s Dubai branch on November 14. With the license, the exchange will be able to provide a number of services, such as management, investment, lending, and borrowing services, in addition to exchange and broker-dealer services.
In addition, on June 23, Crypto.com declared that it has registered with the Bank of Spain as a VASP. With this registration, the exchange complies with strict regulations, including the anti-money laundering directive (AMLD) and other financial crime laws while offering a broad range of goods and services to users in Spain.
As it continues to broaden its global presence in the quickly developing cryptocurrency market, the numerous regulatory licenses and registrations reaffirm Crypto.com’s dedication to compliance and user protection.
