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- The FCA approved Crypto.com as a crypto asset firm in 2022, and this approval follows suit.
- Several cryptocurrency exchanges have made obtaining licenses their primary objective.
Crypto.com announced that it has been authorized as an Electronic Money Institution (EMI) by the UK’s Financial Conduct Authority (FCA). The FCA approved Crypto.com as a crypto asset firm in August 2022, and this approval follows suit.
The strong FCA framework is in line with Crypto.com’s goal of guaranteeing the greatest levels of consumer safety, and this EMI authorization will allow them to provide a portfolio of UK-localized e-money solutions.
Kris Marszalek, CEO of Crypto.com stated:
“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.”
Primary Objective
Several cryptocurrency exchanges have made obtaining licenses their primary objective in light of the increasing crackdown on exchanges that do not have the necessary authorization.
Crypto.com has been making great efforts to comply with regulations all around the world. Additionally, it has obtained EMI authorization after obtaining e-money services from the Monetary Authority of Singapore (MAS), a digital asset service provider registration in France, and virtual asset service provider (VASP) authorization in Spain, as well as a regulated derivative clearing organization status from the United States Commodity Futures Trading Commission (CFTC).
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