Leading cryptocurrency exchange Crypto.com has received approval as an Electronic Money Institution (EMI) from the UK’s Financial Conduct Authority (FCA). This EMI license empowers Crypto.com to introduce a range of e-money products tailored for the UK market while adhering to the stringent consumer protection standards mandated by the FCA.
Electronic money, recognized by European central banks as a digital substitute for fiat currency, is subject to regulation and serves as a digital payment method akin to traditional bank-issued currencies, facilitating transactions.
This announcement follows Crypto.com’s registration as a cryptoasset business with the FCA in August 2022, enabling the exchange to offer a comprehensive suite of products and services to its UK customers in full compliance with local regulatory standards.
Kris Marszalek, CEO of Crypto.com, underscored the company’s commitment to the UK market and its collaboration with the FCA, a global regulatory leader, in promoting responsible innovation in the crypto industry.
Crypto.com, headquartered in Singapore and serving over 80 million users globally, has been actively obtaining regulatory licenses in various jurisdictions. Recently, its Dubai branch secured a virtual asset service provider (VASP) license, allowing the exchange to offer services like exchange, broker-dealer, and management, investment, lending, and borrowing services.
Additionally, in June 23, Crypto.com registered as a VASP with the Bank of Spain, ensuring compliance with measures such as the anti-money laundering directive (AMLD) and other financial crime laws while providing services to users in Spain. These regulatory milestones highlight Crypto.com’s dedication to compliance and user protection as it expands its presence in the dynamic cryptocurrency market.