Crypto.com Secures FCA Nod for E-Money Offerings in the UK

<p>Crypto.com
has secured authorization as an Electronic Money Institution (EMI) from the
UK's Financial Conduct Authority (FCA). This approval has followed
Crypto.com's earlier registration as a cryptoasset business with the FCA in
August 2022.</p><p>Crypto.com
Gains Authorization for UK-Specific E-Money Products</p><p>With this EMI authorization, Crypto.com is set
to introduce a range of UK-specific e-money products, adhering to the FCA
regulatory framework. </p><p>Kris
Marszalek, the CEO of Crypto.com, emphasized the significance of the UK market: “The UK has and continues to be a hugely important market for our
business and the greater industry. We look forward to continuing to collaborate
with a global regulatory leader in the FCA in our collective pursuit of
responsible innovation for crypto.”</p><p>This
regulatory milestone adds to Crypto.com's list of licenses, including a Major
Payment Institution license for Digital Payment Token from the
Monetary Authority of Singapore, approvals from regulatory bodies in the US,
France, Singapore, Australia, South Korea, Spain, Italy, Greece, Cyprus, the
Cayman Islands, and ongoing processes in Canada, among others.</p><p>Finance
Magnates reported earlier that <a href="https://www.financemagnates.com/cryptocurrency/cryptocom-obtains-license-to-offer-services-in-the-netherlands/">Crypto.com
had secured a license from the Dutch central bank De Nederlandsche Bank (DNB)</a> to provide
cryptocurrency services in the Netherlands, meeting legal requirements for
anti-money laundering and counter-terrorism financing. This has marked the
latest European country where the Singapore-based exchange has obtained
regulatory approval. </p><p>The
DNB has registered 36 cryptocurrency firms, maintaining a strict stance on
crypto trading. Major exchanges, including Binance and Coinbase, have faced fines
for operating without a license in the Netherlands. The move aligns with the trend of crypto exchanges seeking licenses in Europe following the EU's
comprehensive Markets in Crypto-Assets Regulation.</p><blockquote><p lang="en" dir="ltr">We are proud to announce that <a href="https://t.co/vCNztATSCO">https://t.co/vCNztATSCO</a> has been authorised as an Electronic Money Institution (EMI) by the UK’s Financial Conduct Authority (FCA), building on our position in the UK market.Full details:<a href="https://t.co/r9lKtF1nkX">https://t.co/r9lKtF1nkX</a> <a href="https://t.co/FMywky63yL">pic.twitter.com/FMywky63yL</a></p>— Crypto.com (@cryptocom) <a href="https://twitter.com/cryptocom/status/1731586261885096274?ref_src=twsrc%5Etfw">December 4, 2023</a></blockquote><p>Crypto.com's Dubai Arm Secures VASP License </p><p>Earlier,
<a href="https://www.financemagnates.com/cryptocurrency/news/cryptocoms-middle-east-presence-solidifies-with-dubai-crypto-licence/">Crypto.com's
Dubai entity, CRO DAX Middle East FZE, received a Virtual Assets Service
Provider (VASP) Licence</a> from Dubai's Virtual Assets Regulatory Authority
(VARA). The license allows Crypto.com to provide regulated virtual asset
services, including exchange, broker-dealer, management and investment, as well
as lending and borrowing. </p><p>These
services will be accessible to both retail and institutional users through the <a href="https://www.financemagnates.com/tag/crypto-com/">Crypto.com</a> App and
Crypto.com Exchange. VARA's specialized regulations for virtual assets, issued
in February 2023, set the framework for this approval. Marszalek emphasized
the honor of being among the first crypto exchanges granted a VASP Licence by
VARA. Crypto.com had
previously designated Dubai as its regional hub for the Middle East and Africa
in March 2022.</p>

This article was written by Tareq Sikder at www.financemagnates.com.