Crypto.com Receives Electronic Money Institution License from UK FCA
Crypto exchange Crypto.com has, in its recent statement, confirmed receiving authorization from the UK Financial Conduct Authority (FCA) to operate as an Electronic Money Institution (EMI). The trading platform mirrors the accomplishment of rival crypto firms Gemini and Coinbase in securing the UK EMI license.
Crypto.com hailed the EMI license, allowing it to broaden its product offering within the United Kingdom. The EMI license follows the successful registration with the FCA to run a crypto asset business in August last year.
Crypto.com Affirms Devotion to Comply with UK Crypto Regulations
The Cryptoasset register targets ensuring compliance with the UK anti-money laundering regulation. Similarly, firms running crypto asset activities in the country should comply with the UK counter-terrorist financing policy.
The EMI license offers broader coverage, permitting firms to engage in electronic money issuance and management and other financial services. The Monday, December 4 statement hailed the registration as granting Crypto.com authority to offer a broader suite of e-money products, however, localized to the UK territory.
Crypto.com is set to exercise authority like Gemini and Coinbase, which secured the EMI license. Previously, decentralized finance (DeFi) lending protocol Aave received its UK business’s highly sought EMI license in 2020.
Crypto exchange Kraken expansion in the European Union market gained traction in September by securing the EMI authorization in Ireland. Earlier in the month, Kraken had affirmed its desire to roll out dedicated support to PayPal deposits for UK users. It announced a similar offering for EU users with the exemption of Croatia and Hungary.
Kraken indicated it secured the virtual asset service provider (VASP) registration to operate in Spain.
Crypto.com chief executive Kris Marszalek called the United Kingdom for its devotion to the clarity of crypto regulation. As such, the executive hailed the UK as a critical market for Crypto.com business and the more significant digital assets industry.
Marszalek assured the Crypto.com resolve to sustain collaboration with the FCA, a global regulatory leader. He added that FCA has emerged as a global leader in the collective pursuit of guaranteeing responsible crypto innovation and projects.
Crypto.com Pursuit of Global Regulatory Compliance
Crypto.com has, over the years, been committed to expanding global compliance registrations since its establishment in 2016. Recently, it has prioritized compliance and enrollment in the core markets, citing the increased regulatory scrutiny against the crypto operators.
Crypto.com’s pursuit of global regulatory compliance is evident in securing the major payment institution (MPI) license granted by the Monetary Authority of Singapore (MAS) to offer e-money services.
It recently gained status for regulated derivatives clearing from the US Commodity Futures Trading Commission (CFTC). This coincided with the French regulator granting Crypto.com the digital asset service provider (DASP) registration.
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