Major crypto exchange Crypto.com has announced it has been authorized as an Electronic Money Institution (EMI) by the UK’s Financial Conduct Authority (FCA).
The EMI license will enable Crypto.com to introduce a range of UK-localised e-money products, adhering to the stringent consumer protection standards set by the FCA.
Electronic money is currently regulated and recognized by European central banks as a digital substitute for fiat currency. E-money is also designed to facilitate transactions and function as a payment method, much like traditional bank-issued currencies.
The latest development follows Crypto.com’s registration with the FCA as a cryptoasset business in August 2022. This registration enabled the exchange to provide its UK customers with a comprehensive range of products and services, ensuring full compliance with local regulatory standards.
Kris Marszalek, CEO of Crypto.com, expressed the company’s dedication to the UK market, highlighting its significance for both their business and the broader industry. He also emphasized the importance of collaborating with the FCA, a global regulatory leader, in fostering responsible innovation in the crypto space.
Exchange seeks legal approval globally
Singapore-based cryptocurrency exchange Crypto.com, which serves over 80 million users worldwide, has been moving swiftly to secure regulatory licenses across various jurisdictions.
On Nov. 14, the Dubai branch of Crypto.com received a virtual asset service provider (VASP) license for specific virtual asset services.
The license will enable the exchange to offer a range of services, including exchange and broker-dealer services, as well as management, investment, lending, and borrowing services.
Furthermore, on June 23, Crypto.com announced its registration as a VASP with the Bank of Spain. This registration allows the exchange to provide a wide array of products and services to users in Spain, complying with stringent measures such as the anti-money laundering directive (AMLD) and other financial crime laws.
The series of regulatory approvals and registrations underscore Crypto.com’s commitment to compliance and user protection as it continues to expand its global footprint in the rapidly evolving cryptocurrency market.
