Crypto.com Expands Product Offerings in the UK with EMI Authorization
Singapore-based cryptocurrency exchange Crypto.com has received authorization from the UK’s Financial Conduct Authority (FCA) to operate as an electronic money institution (EMI). This new license allows Crypto.com to offer a range of UK-localized e-money products while complying with the FCA’s regulations and consumer protection standards.
Commitment to Regulatory Compliance and Privacy
By obtaining the EMI license, Crypto.com demonstrates its commitment to maintaining high standards of regulatory compliance, security, and privacy. The CEO of Crypto.com, Kris Marszalek, emphasized the importance of the UK market and the exchange’s collaboration with the FCA in pursuing responsible innovation for crypto.
Expanding Global Regulatory Licenses
This authorization adds to Crypto.com’s growing list of regulatory licenses and approvals worldwide. The exchange has already obtained licenses in Singapore, France, the US, and pending operational approval in Dubai. Additionally, Crypto.com holds various licenses and registrations in Australia, Spain, Italy, Greece, Cyprus, the Cayman Islands, and Canada.
Implications for Crypto.com’s Presence in the UK Market
The EMI license allows Crypto.com to expand its presence and product offerings in the UK market, catering to the specific needs of local customers. This follows the exchange’s registration as a digital asset business with the FCA in 2022 as part of the Crypto Asset Register.
Regulatory Compliance Challenges in the Cryptocurrency Industry
Regulatory compliance is a top concern for exchanges and platforms in the evolving cryptocurrency industry. While some jurisdictions like the United States have taken enforcement actions against crypto firms, others like Dubai, the United Kingdom, and Singapore have adopted a different approach, allowing companies to operate within regulations and anti-money laundering requirements.
Hot Take: Cronos (CRO) Price Surge Continues
Crypto.com’s token Cronos (CRO) is currently experiencing a bullish trend, with a significant price increase of 5.4% in the past 24 hours and a 5.2% increase in the past seven days. With a circulating supply of 26 billion CRO, Cronos has reached a market capitalization of $2.5 billion.
Featured image from Shutterstock, chart from TradingView.com
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