Crypto.com, a global cryptocurrency platform, has received certification as an electronic money institution from the Financial Conduct Authority, a British financial regulator.
The EMI license follows Crypto.com’s registration as a cryptocurrency asset business with the Financial Conduct Authority in August 2022. The Cryptoasset Register targets businesses engaging in cryptocurrency asset activities in the UK, with a focus on anti-money laundering and terrorist financing compliance. EMI licenses are broader, allowing companies to issue and manage electronic money and offer a wider range of financial services.
According to a statement, the registration will enable Crypto.com to offer a suite of UK localized cryptocurrency products.
It joins other crypto companies such as Coinbase and Gemini to obtain an EMI license. DeFi lending protocol Aave’s UK operation was also issued an EMI license in 2020, while cryptocurrency exchange rival Kraken secured EMI certification in Ireland and virtual asset service provider registration in Spain in September.
“The UK has been, and will continue to be, a very important market for our business and the wider industry,” said Kris Marszalek, CEO of Crypto.com. “We look forward to continuing to work with the FCA’s global regulatory leaders to jointly pursue responsible innovation for cryptocurrencies.”
Global Compliance
Founded in 2016, Crypto.com has been working to expand its global compliance registry in recent years as regulatory scrutiny of the industry has increased.
In addition, EMI certification is based on securing a major payment agency license for electronic money services from the Monetary Authority of Singapore, status as a derivatives clearing agency regulated by the U.S. Commodity Futures Trading Commission, registration as a digital asset service provider in France, and certification as a virtual asset service provider in Spain. no see.
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