Crypto.com, which claims to be “trusted” by more than 80 million customers worldwide, announced that it has been authorized as an Electronic Money Institution (EMI) by the UK’s Financial Conduct Authority (FCA).
This approval follows Crypto.com’s registration “as a cryptoasset business with the FCA in August 2022.”
With this EMI authorization, Crypto.com will offer “a suite of UK-localized e-money products as part of the robust FCA regime that aligns with Crypto.com’s focus of ensuring the highest standards of consumer protection.”
Kris Marszalek, CEO of Crypto.com, said:
“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.”
Today’s announcement continues Crypto.com’s regulatory license momentum, having received its Major Payment Institution (MPI) licence for Digital Payment Token (DPT) and its MPI for e-money issuance, account issuance, cross border and domestic money transfer services from the Monetary Authority of Singapore; a US Commodity Futures Trading Commission (CFTC) regulated Derivatives Clearing Organization (DCO) and a Designated Contracts Market (DCM); registration as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France. among others.
Founded in 2016, Crypto.com says its vision “is simple: Cryptocurrency in Every Wallet.”
Crypto.com is committed to accelerating the adoption of cryptocurrency through innovation.
As covered last month, Crypto.com announced that its Dubai entity, CRO DAX Middle East FZE, has been granted a Virtual Assets Service Provider (VASP) License “for specified virtual asset service activities by Dubai’s Virtual Assets Regulatory Authority (VARA).”
Crypto.com’s VASP License is “subject to the Company fully satisfying select conditions and localization requirements defined by VARA, and will be able to commence operations thereafter subject to operational approval notice from the regulator.”
Following operational approval, the VASP License will “allow Crypto.com to offer regulated virtual asset service activities, including exchange services, broker-dealer services, management and investment services, and lending and borrowing services.”