cryptonews.com
Today, cryptocurrency platform Crypto.com gained key regulatory approval in the United Kingdom. The company announced in a press release that it has been authorized as an Electronic Money Institution (EMI) by the UK’s Financial Conduct Authority (FCA).
The Approval Provides Access to the UK E-Money Market
The EMI approval will allow Crypto.com to offer a range of UK-localized e-money products and services, aligning with the company’s focus on meeting the UK’s high levels of consumer protection through compliance with FCA’s regulatory regime.
As an authorized EMI, Crypto.com can now tap into the rapidly growing UK electronic money market. The approval enables the platform to provide e-money services like issuance, redemption, and payment services in the country.
We are proud to announce that https://t.co/bbHWVWCATn 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 and following our registration as a crypto asset business in August 2022 🇬🇧! pic.twitter.com/rX4MWotaXs
— Eric Anziani (@ericnode) December 4, 2023
“The UK has and continues to be a hugely important market for our business and the greater industry,” said Crypto.com CEO Kris Marszalek in the press release. “We look forward to continuing to collaborate with a global regulatory leader in the FCA in our collective pursuit of responsible innovation for crypto.”
Crypto.com’s FCA Registration
The EMI authorization follows Crypto.com’s registration as a cryptoasset business with the FCA in August 2022.
The e-money approval represents an additional layer of regulatory compliance in the UK on top of its existing crypto registration. With two regulatory licenses in the country, Crypto.com can now offer both crypto and fiat-based financial services to UK consumers.
The UK approval is the latest addition to Crypto.com’s growing list of global regulatory licenses and registrations.
Earlier this year, the platform received its Major Payment Institution license from the Monetary Authority of Singapore. It has also gained key approvals in markets like the US, France, Australia, South Korea, and more.
The company seems intent on adhering to local regulations as it continues expanding worldwide.
The EMI authorization is an important milestone for the cryptocurrency industry as it seeks to gain mainstream adoption. Crypto platforms have been working to comply with financial regulations across different jurisdictions. Obtaining regulatory licenses helps provide legitimacy as well as consumer protection.