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Crypto.com has disclosed its new status as an Electronic Money Institution (EMI) sanctioned by the UK’s Financial Conduct Authority (FCA).
The FCA’s nod comes on the heels of Crypto.com cementing its standing as a cryptoasset business after FCA registration in August 2022.
The Move Provides Regulatory Clarity For Crypto.Com
This recent endorsement empowers Crypto.com to introduce a range of UK-centric e-money products, meticulously aligning with the FCA’s robust regulatory framework.
However, the compliance underscores Crypto.com’s commitment to upholding the highest standards in consumer protection.
Kris Marszalek, the CEO of Crypto.com, emphasized the significance of the UK market. He affirmed the company’s dedication to responsible crypto innovation through ongoing collaboration with the FCA.
The approval from FCA adds to Crypto.com’s string of regulatory achievements. Meanwhile, the company previously secured licenses from the Monetary Authority of Singapore.
Furthermore, the US Commodity Futures Trading Commission and the Autorité des marchés financiers in France.
Crypto.Com Global Compliance Efforts
Additionally, it has received the nod from Dubai Virtual Assets Regulatory Authority, AUSTRAC in Australia, and regulatory bodies in South Korea, Spain, Italy, Greece, Cyprus, and the Cayman Islands.
The exchange says this showcases its commitment to global compliance.
However, with regulatory momentum building, including pending licenses in Canada, Crypto.com navigates the intricate landscape of global financial regulation.
The exchange states this is another example of it exemplifying its steadfast commitment to providing secure and compliant crypto services worldwide.
Learn more: Top 7 Crypto Exchanges With the Lowest Spreads in 2023