Crypto.com, a leading Singapore-based crypto exchange, has been granted an Electronic Money Institution (EMI) license by the UK’s Financial Conduct Authority (FCA). This decision, announced in an official press release Press release Monday 4 December 2023 marks a crucial milestone for Crypto.com in expanding its services in the UK.
The EMI License, a comprehensive authorization issued by the FCA, allows Crypto.com to provide and manage electronic money while offering a variety of financial services. This milestone follows the company’s registration in August 2022 with the FCA as a cryptoasset business.
Crypto.com, known for its commitment to security, privacy and regulatory compliance, serves more than 80 million users worldwide. EMI’s new license is expected to further strengthen the company’s position as an industry leader. The FCA’s approval allows Crypto.com to introduce a range of UK-localized e-money products, in line with its mission to maintain high standards of consumer protection.
Kris Marszalek, CEO of Crypto.com, expressed his excitement about the development. “The UK market remains critical to our operations and the wider digital assets sector,” he said. “We look forward to continuing our work with the FCA, a global leader in regulation, to drive responsible innovation in the crypto sector.”
The acquisition of the EMI license demonstrates Crypto.com’s compliance with strict regulatory requirements, including anti-money laundering and anti-terrorism financing measures in accordance with UK law. This achievement places Crypto.com alongside other crypto-focused entities like Coinbase and Gemini, which have also obtained the EMI license in the UK.
As global pressure for cryptocurrency regulation intensifies, Crypto.com’s commitment to regulatory compliance sets an industry benchmark. The company’s successful navigation of the regulatory landscape signals a positive trend for the broader cryptocurrency market, promising increased confidence and stability for users and investors.