Global cryptocurrency platform Crypto.com has received approval from the Financial Conduct Authority, the UK’s financial regulator, to operate as an Electronic Money Institution.
After Crypto.com registered with the FCA in August 2022 as a cryptoasset business, the EMI license was granted. Firms involved in cryptoasset activity in the UK are targeted by the Cryptoasset Register, which focuses on compliance with anti-money laundering and counter-terrorist financing laws. Due to the EMI license’s increased scope, businesses are able to offer a greater range of financial services as well as issue and handle electronic money.
According to a release, the registration enables Crypto.com to provide a range of e-money solutions with a UK localization.
It joins other cryptocurrency companies that have obtained an EMI license, including Coinbase and Gemini. Additionally, Aave’s U.K. corporate entity was granted with the DeFi lending protocol.
Competing cryptocurrency exchange Kraken obtained an EMI license in 2020 as well as an Irish EMI authorization and a Spanish Virtual Asset Service Provider registration in September.
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 are eager to carry on our joint pursuit of responsible innovation for cryptocurrency with the FCA, a global regulatory leader.”
worldwide adherence to regulations
Since its founding in 2016, Crypto.com has worked to extend the number of countries in which it has worldwide compliance registrations, a move that was motivated by growing regulatory scrutiny of the sector.
Its EMI authorization also comes after obtaining major payment institution licenses for e-money services from the Monetary Authority of Singapore, derivatives clearing organization status regulated by the U.S. Commodity Futures Trading Commission, registration as a digital asset service provider in France, and authorization as a virtual asset service provider in Spain.