Crypto.com Receives EMI License from UK’s FCA
Major crypto exchange Crypto.com has obtained an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA). This authorization allows Crypto.com to introduce UK-localized e-money products that adhere to the FCA’s consumer protection standards. E-money serves as a digital substitute for fiat currency and facilitates transactions as a payment method.
Commitment to the UK Market
Crypto.com’s registration with the FCA as a cryptoasset business in August 2022 enabled the exchange to offer a comprehensive range of products and services to its UK customers while ensuring compliance with local regulations. CEO Kris Marszalek emphasized the importance of collaborating with the FCA, a global regulatory leader, in promoting responsible innovation in the crypto industry.
Global Regulatory Approvals
Singapore-based Crypto.com, serving over 80 million users worldwide, has been actively seeking regulatory licenses across various jurisdictions. The Dubai branch recently received a virtual asset service provider (VASP) license, enabling them to offer services such as exchange, broker-dealer, investment, lending, and borrowing. Additionally, Crypto.com registered as a VASP with the Bank of Spain, ensuring compliance with anti-money laundering and financial crime laws while providing products and services in Spain.
Commitment to Compliance and User Protection
Crypto.com’s pursuit of regulatory approvals and registrations demonstrates its commitment to compliance and user protection as it expands globally in the dynamic cryptocurrency market.
Hot Take: Crypto.com Expands Reach with UK EMI License
Crypto.com’s authorization as an Electronic Money Institution by the UK’s Financial Conduct Authority opens up new opportunities for the exchange to introduce localized e-money products in the UK market. With its commitment to compliance and collaboration with regulatory authorities, Crypto.com continues to expand its global footprint and enhance user protection. These regulatory approvals and registrations highlight the exchange’s dedication to responsible innovation in the evolving cryptocurrency industry.
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