Crypto.com, a cryptocurrency exchange based in Singapore, has achieved a major milestone in its expansion by being granted an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA). This license will allow the exchange to launch e-money localized to the UK and ensure compliance with FCA standards for consumer protection.
Kris Marszalek, Crypto.com’s CEO, expressed the company’s dedication to the UK market and stressed the importance of collaborating with the FCA for responsible innovation in the crypto space. This move underscores the exchange’s commitment to compliance and user protection as it navigates the dynamic cryptocurrency market.
In addition to the UK license, Crypto.com has also registered as a cryptoasset business in August 2022 and a Virtual Asset Service Provider (VASP) in November 2022 in Dubai. June 2023 saw the exchange complete its registration in Singapore, allowing it to offer products and services compliant with anti-money-laundering directives and laws on financial crime.
The strategic acquisition of licenses across multiple jurisdictions is indicative of Crypto.com’s commitment to regulatory standards and responsible innovation in the evolving crypto landscape. With over 80 million users, the exchange is continuing to expand its global reach.