Crypto.com joins Coinbase and Gemini in securing a UK EMI license from the UK’s Financial Conduct Authority (FCA).
Crypto.com, a Singapore-based crypto exchange with more than 80 million users, has been authorised as an Electronic Money Institution (EMI) by the UK’s Financial Conduct Authority (FCA).
The approval follows Crypto.com’s registration as a cryptoasset business with the FCA in August 2022 after demonstrating compliance with anti-money laundering and counter-terrorist financing regulations.
A December 4 statement outlines that Crypto.com will soon introduce a suite of electronic money products specifically tailored for the UK market.
“The UK has and continues to be a hugely important market for our business and the greater industry,” said Kris Marszalek, CEO of Crypto.com.
Crypto.com views the UK as a “high-potential market” for cryptocurrency, following a 650% increase in adoption from 2018 to 2021. In March, the company announced several senior hires in the UK, including the appointment of a UK General Manager and a Global Head of Sustainability and ESG.
“We look forward to continuing to collaborate with a global regulatory leader in the FCA in our collective pursuit of responsible innovation for crypto,” he added.
Coinbase and Gemini have already obtained UK EMI licenses, substantiating the UK’s plan to become a “global crypto hub“.
Read more: The UK is getting ready to “scale up” on crypto, says MP
Crypto.com was founded in 2016 and currently has $2.3 billion in total assets. It has established itself as a global industry leader in regulatory compliance, securing various licenses and registrations in the US, UK, UAE, Australia, Singapore, South Korea, Cyprus, Greece and more.
Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
