Crypto.com Secures FCA Nod for E-Money Offerings

Crypto.com Secures FCA Nod for E-Money Offerings

Time Stamp: December 4, 2023 5:16 AM
Source Node: 2992825

Crypto.com has secured authorization as an Electronic Money Institution (EMI) from the UK's Financial Conduct Authority (FCA). This approval has followed Crypto.com's earlier registration as a cryptoasset business with the FCA in August 2022.

With this EMI authorization, Crypto.com is set to introduce a range of UK-specific e-money products, adhering to the FCA regulatory framework.

Kris Marszalek, CEO of Crypto.com, Source: LinkedIn

Kris Marszalek, the CEO of Crypto.com, emphasized the significance of the UK market: “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.”

This regulatory milestone adds to Crypto.com's list of licenses, including a Major Payment Institution license for Digital Payment Token from the Monetary Authority of Singapore, approvals from regulatory bodies in the US, France, Singapore, Australia, South Korea, Spain, Italy, Greece, Cyprus, the Cayman Islands, and ongoing processes in Canada, among others.

Finance Magnates reported earlier that Crypto.com had secured a license from the Dutch central bank De Nederlandsche Bank (DNB) to provide cryptocurrency services in the Netherlands, meeting legal requirements for anti-money laundering and counter-terrorism financing. This has marked the latest European country where the Singapore-based exchange has obtained regulatory approval.

The DNB has registered 36 cryptocurrency firms, maintaining a strict stance on crypto trading. Major exchanges, including Binance and Coinbase, have faced fines for operating without a license in the Netherlands. The move aligns with the trend of crypto exchanges seeking licenses in Europe following the EU's comprehensive Markets in Crypto-Assets Regulation.

Crypto.com's Dubai Arm Secures VASP License

Earlier, Crypto.com's Dubai entity, CRO DAX Middle East FZE, received a Virtual Assets Service Provider (VASP) Licence from Dubai's Virtual Assets Regulatory Authority (VARA). The license allows Crypto.com to provide regulated virtual asset services, including exchange, broker-dealer, management and investment, as well as lending and borrowing.

These services will be accessible to both retail and institutional users through the Crypto.com App and Crypto.com Exchange. VARA's specialized regulations for virtual assets, issued in February 2023, set the framework for this approval. Marszalek emphasized the honor of being among the first crypto exchanges granted a VASP Licence by VARA. Crypto.com had previously designated Dubai as its regional hub for the Middle East and Africa in March 2022.

Crypto.com has secured authorization as an Electronic Money Institution (EMI) from the UK's Financial Conduct Authority (FCA). This approval has followed Crypto.com's earlier registration as a cryptoasset business with the FCA in August 2022.

With this EMI authorization, Crypto.com is set to introduce a range of UK-specific e-money products, adhering to the FCA regulatory framework.

Kris Marszalek, CEO of Crypto.com, Source: LinkedIn

Kris Marszalek, the CEO of Crypto.com, emphasized the significance of the UK market: “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.”

This regulatory milestone adds to Crypto.com's list of licenses, including a Major Payment Institution license for Digital Payment Token from the Monetary Authority of Singapore, approvals from regulatory bodies in the US, France, Singapore, Australia, South Korea, Spain, Italy, Greece, Cyprus, the Cayman Islands, and ongoing processes in Canada, among others.

Finance Magnates reported earlier that Crypto.com had secured a license from the Dutch central bank De Nederlandsche Bank (DNB) to provide cryptocurrency services in the Netherlands, meeting legal requirements for anti-money laundering and counter-terrorism financing. This has marked the latest European country where the Singapore-based exchange has obtained regulatory approval.

The DNB has registered 36 cryptocurrency firms, maintaining a strict stance on crypto trading. Major exchanges, including Binance and Coinbase, have faced fines for operating without a license in the Netherlands. The move aligns with the trend of crypto exchanges seeking licenses in Europe following the EU's comprehensive Markets in Crypto-Assets Regulation.

Crypto.com's Dubai Arm Secures VASP License

Earlier, Crypto.com's Dubai entity, CRO DAX Middle East FZE, received a Virtual Assets Service Provider (VASP) Licence from Dubai's Virtual Assets Regulatory Authority (VARA). The license allows Crypto.com to provide regulated virtual asset services, including exchange, broker-dealer, management and investment, as well as lending and borrowing.

These services will be accessible to both retail and institutional users through the Crypto.com App and Crypto.com Exchange. VARA's specialized regulations for virtual assets, issued in February 2023, set the framework for this approval. Marszalek emphasized the honor of being among the first crypto exchanges granted a VASP Licence by VARA. Crypto.com had previously designated Dubai as its regional hub for the Middle East and Africa in March 2022.

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