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Crypto.com, a leading Singapore-based crypto exchange, has been granted an Electronic Money Institution (EMI) license by the UK’s Financial Conduct Authority (FCA). This move, announced in an official press release on Monday, 4th December 2023, marks a crucial step for Crypto.com in expanding its services within the United Kingdom.
The EMI license, a comprehensive authorization issued by the FCA, allows Crypto.com to supply and manage electronic money alongside offering a variety of financial services. This milestone follows the company’s August 2022 registration with the FCA as a cryptoasset business.
Crypto.com, renowned for its commitment to security, privacy, and regulatory compliance, serves over 80 million users worldwide. The new EMI license is expected to further strengthen the company’s standing as an industry leader. The FCA’s approval enables Crypto.com to introduce a range of UK-localized e-money products, aligning with its mission to maintain high consumer protection standards.
Kris Marszalek, CEO of Crypto.com, expressed enthusiasm about the development. “The UK market remains pivotal to our operations and the broader digital asset industry,” he said. “We look forward to continuing our work with the FCA, a global regulatory leader, in fostering responsible innovation in the crypto sector.”
The acquisition of the EMI license is a testament to Crypto.com’s adherence to stringent regulatory requirements, including anti-money laundering and counter-terrorist financing measures as per UK law. This achievement places Crypto.com alongside other crypto-focused entities like Coinbase and Gemini, who have also secured the EMI license in the UK.
As the global push for cryptocurrency regulation intensifies, Crypto.com’s commitment to regulatory compliance sets a benchmark in the industry. The company’s successful navigation through the regulatory landscape signals a positive trend for the broader cryptocurrency market, promising enhanced trust and stability for users and investors alike..