Crypto.com, a leading cryptocurrency exchange headquartered in Singapore, has received an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA). The move has been officially announced. press release Monday 4 December 2023 marks an important step for Crypto.com as it expands its services in the UK.
The EMI License, a comprehensive certification issued by the Financial Conduct Authority, allows Crypto.com to supply and manage electronic money along with providing a range of financial services. This milestone comes after the company registered as a crypto asset business with the FCA in August 2022.
Known for its commitment to security, privacy, and compliance, Crypto.com serves more than 80 million users worldwide. The new EMI license is expected to further strengthen the company’s position as an industry leader. The FCA’s approval will enable Crypto.com to launch a range of local UK cryptocurrency products, in line with its mission to maintain high consumer protection standards.
Kris Marszalek, CEO of Crypto.com, expressed enthusiasm for the development. “The UK market remains pivotal to our operations and the wider digital asset industry,” he said. “We look forward to continuing to work with the FCA, a global regulatory leader, to foster responsible innovation in the cryptocurrency sector.”
Obtaining an EMI license is evidence that Crypto.com complies with strict regulatory requirements, including anti-money laundering and anti-terrorist financing measures under UK law. This achievement puts Crypto.com alongside other cryptocurrency-focused companies such as Coinbase and Gemini, which have secured EMI licenses in the UK.
As the global push for cryptocurrency regulation intensifies, Crypto.com’s commitment to regulatory compliance has become a benchmark for the industry. The company’s successful navigation through the regulatory environment signals a positive trend for the broader cryptocurrency market and promises improved trust and stability for users and investors alike.