Singapore-based cryptocurrency exchange Crypto.com has obtained authorization from the UK’s Financial Conduct Authority (FCA) to act as an electronic money institution (EMI). According to a December 4 announcement, this new license allows Crypto.com to broaden its product offerings in the UK market.
Crypto.com Receives EMI Authorization
With the EMI authorization, Crypto.com can now provide a suite of UK-localized e-money products while adhering to the FCA’s rigorous regulations and consumer protection standards.
As announced, this aligns with Crypto.com’s commitment to upholding the “highest standards” of regulatory compliance, security, and privacy.
Kris Marszalek, CEO of Crypto.com, emphasized the importance of the UK market and the exchange’s collaboration with the FCA, stating:
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 leader in the FCA in our collective pursuit of responsible innovation for crypto.
This announcement adds to Crypto.com’s growing global list of regulatory licenses and approvals. The exchange has already obtained a Major Payment Institution (MPI) license for Digital Payment Token (DPT) and e-money issuance in Singapore, regulatory clearance from the US Commodity Futures Trading Commission (CFTC), approval as a Digital Asset Service Provider (DASP) in France, and pending operational approval as a Virtual Asset Service Provider in Dubai.
Additionally, Crypto.com holds various licenses and registrations in Australia, Spain, Italy, Greece, Cyprus, the Cayman Islands, and Canada.
Regulatory Compliance
Obtaining the EMI license holds significant implications for Crypto.com as it allows the exchange to expand its presence and product offerings in the UK market, catering to the specific needs of local customers.
The e-money institution license follows Crypto.com’s registration as a digital asset business with the FCA in 2022. The registration was part of the Crypto Asset Register, which focuses on anti-money laundering (AML) and countering financial terrorism (CFT) compliance for businesses operating in the crypto space in the UK.
Regulatory compliance has become a paramount concern for exchanges and platforms in light of the evolving cryptocurrency industry.
While the United States has taken enforcement actions and filed lawsuits against various crypto firms and exchanges, other jurisdictions such as Dubai, the United Kingdom, and Singapore have taken a different approach, allowing companies to offer their products while remaining compliant with regulations and AML requirements.
Crypto.com’s token Cronos (CRO) is currently trading at $0.09663, showing a significant % price increase of 5.4% in the past 24 hours. This price surge continues the token’s bullish momentum, which has also experienced a 5.2% increase in the past seven days. With a circulating supply of 26 billion CRO, Cronos has reached a market capitalization of $2.5 billion.
Featured image from Shutterstock, chart from TradingView.com
Source: https://bitcoinist.com/cryptocom-uk-electronic-money-institution/