Important developments regarding legal processes are taking place in the cryptocurrency market. Global cryptocurrency platform Crypto.com has received authorization from the Financial Conduct Authority (FCA) in the United Kingdom as an Electronic Money Institution. This authorization comes after Crypto.com’s registration with the FCA as a crypto asset operator in August 2022.
It is known that the Crypto Asset Register, which focuses on combating money laundering and terrorist financing in crypto asset activities, is a precautionary measure. The EMI authorization allows companies offering crypto services to issue, manage, and provide a wider range of financial services for their crypto assets.
According to the announcement, the license enables Crypto.com to offer a localized package of crypto asset products in the United Kingdom. By obtaining the EMI license, Crypto.com joins other crypto firms such as Coinbase and Gemini, which have received regulatory approval.
It is noted that the DeFi credit protocol Aave, which has a commercial establishment in the United Kingdom, obtained the EMI license in 2020, and Kraken, a competitor of crypto exchanges, obtained EMI authorization in Ireland and Crypto Asset Service Provider registration in Spain in September. Kris Marszalek, CEO of Crypto.com, shares positive thoughts about the development.
Established in 2016, Crypto.com has been notable for its efforts to expand global compliance records in recent years amid increasing legal regulations. The EMI authorization follows the obtaining of the Major Payment Institution licenses for crypto asset services from the Monetary Authority of Singapore, the status of a futures commission merchant regulated by the U.S. Commodity Futures Trading Commission, the Crypto Asset Service Provider registration in France, and the Crypto Asset Service Provider authorization in Spain.