Blog

Summary

The FCA has authorised Crypto.com as an Electronic Money Institution (EMI), enabling it to expand its e-money product offerings in the UK. The platform has previously secured licenses and registrations in Singapore, the US, France and Australia, among others.

A digital asset platform serving more than 80 million customers globally, Crypto.com was previously authorised by the FCA as a cryptoasset business in August 2022. The new authorisation strengthens Crypto.com’s position in the digital asset industry enhancing consumer trust and broadening its product offering in a leading financial market.

Crypto.com now plans to expand its product offering with a range of localised e-money products. The platform’s CEO Kris Marszalek expressed enthusiasm about continuing to work with the FCA to foster responsible innovation in the crypto space.

The company has previously obtained a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services and e-money issuance from the Monetary Authority of Singapore. In the United States, it is regulated by the Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization (DCO) and a Designated Contracts Market (DCM).

In Europe, Crypto.com has been registered as a Digital Asset Service Provider (DASP) by France’s Autorité des marchés financiers (AMF) and is registered with regulators in Spain, Italy, Greece and Cyprus. In the Middle East the platform has been granted an MVP Preparatory Licence from Dubai’s Virtual Assets Regulatory Authority (VARA), and a Virtual Asset Service Provider Licence is pending.

Link: https://www.cryptopolitan.com/crypto-com-uk-financial-authoritys-approval/