• Fri. Jul 19th, 2024

Crypto.com secures approval as a crypto asset business from UK’s FCA

Crypto.com has recently been approved or registered in Singapore, UAE (Dubai), Italy, South Korea and Canada among other jurisdictions.

Cryptocurrency exchange Crypto.com has yet secured another regulatory approval as it continues its global expansion.

On Wednesday, the exchange announced it had been approved as a crypto asset business by the United Kingdom’s Financial Conduct Authority (FCA).  The regulatory greenlight adds to a list of major milestones for Crypto.com regarding the push to offer its services to consumers across the globe in compliance with local regulations.

The UK approval is especially sweet for Crypto.com given the country has one of the largest crypto communities, and authorities see regulation as critical to consumer protection as well as fostering an environment that can incentivise innovation.

This is a significant milestone for Crypto.com, with the UK representing a strategically important market for us and at a time when the government is pushing forward with its agenda to make Britain a global hub for crypto asset technology and investment,” Crypto.com CEO Kris Marszalek said in a statement.

The exchange plans to use the license to expand its products and services in the country, even as they work with market watchdogs, Marszalek noted.

Crypto.com’s major regulatory scores

With the FCA license, Crypto.com has added a key regulatory nod to several already bagged across the world. These include approvals in fast-growing crypto destinations such as Singapore, Dubai, and Cyprus. 

As well, the exchange recently completed two key acquisitions in South Korea to land the Electronic Financial Transaction Act and Virtual Asset Service Provider licenses.

The platform also has registrations in Italy, Greece, Cayman Islands and in Canada (via a pre-registration agreement with the Ontario Securities Commission (OSC)).

Crypto.com’s FCA approval comes a few months after the company signaled an aggressive expansion plan with multiple senior staff hires. Among the new recruits were a General Manager (UK) and a Global Head of Sustainability and ESG.

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