London, December 4, 2023 – Singapore-based cryptocurrency exchange Crypto.com has successfully obtained authorization from the UK's Financial Conduct Authority (FCA) to operate as an electronic money institution (EMI). This milestone, announced on December 4, enables Crypto.com to diversify its product offerings within the UK market.
EMI Authorization for Expanded Offerings
The newly acquired EMI license empowers Crypto.com to introduce a range of UK-focused e-money products, all while adhering to the stringent regulations and consumer protection standards set by the FCA. This aligns with Crypto.com's commitment to maintaining the highest standards in regulatory compliance, security, and privacy.
CEO Emphasizes UK Market Significance
Kris Marszalek, CEO of Crypto.com, underlined the significance of the UK market and expressed enthusiasm about collaborating with the FCA. He stated, "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."
Global Regulatory Approvals
This recent approval adds to Crypto.com's growing list of global regulatory licenses. The exchange already holds a Major Payment Institution (MPI) license for Digital Payment Token (DPT) and e-money issuance in Singapore, regulatory clearance from the US Commodity Futures Trading Commission (CFTC), approval as a Digital Asset Service Provider (DASP) in France, and pending operational approval as a Virtual Asset Service Provider in Dubai. Additionally, Crypto.com possesses various licenses and registrations in countries including Australia, Spain, Italy, Greece, Cyprus, the Cayman Islands, and Canada.
Significance of EMI License
The EMI license is a crucial development for Crypto.com, facilitating its expansion in the UK market and catering to the specific needs of local customers. This follows Crypto.com's registration as a digital asset business with the FCA in 2022, part of the Crypto Asset Register focusing on anti-money laundering (AML) and countering financial terrorism (CFT) compliance for crypto businesses in the UK.
Global Regulatory Landscape
The cryptocurrency industry's evolving landscape has heightened the importance of regulatory compliance for exchanges and platforms. While the United States has taken enforcement actions against crypto firms, other jurisdictions like Dubai, the United Kingdom, and Singapore have adopted a more accommodative approach, allowing companies to operate within regulatory frameworks.
Cronos (CRO) Performance
In other developments, Crypto.com's token Cronos (CRO) is currently trading at $0.09663, reflecting a notable price increase of 5.4% in the past 24 hours. This positive momentum aligns with the token's overall bullish trend, experiencing a 5.2% increase in the past seven days. With a circulating supply of 26 billion CRO, Cronos has achieved a market capitalization of $2.5 billion.
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