Cryptocurrency platform Crypto.com has received approval from the United Kingdom’s financial services regulator to offer crypto products and services.
The Singapore-based Crypto.com has officially registered with the Financial Conduct Authority (FCA) as a cryptoasset business, according to a blog post on the company’s website. The registration enables Crypto.com to offer a suite of products and services to customers in the UK, that are compliant with local regulations and anti-money laundering and “terrorist” financing rules.
“This is a significant milestone for Crypto.com, with the UK representing a strategically important market for us and at a time when the government is pushing forward with its agenda to make Britain a global hub for crypto asset technology and investment,” said Kris Marszalek, Co-Founder and CEO of Crypto.com. “We are committed to the UK market and we look forward to developing our platform and presence in the UK further by expanding our offering to customers while continuing to work with regulators.”
After turning down registration applications from scores of crypto companies, the FCA faced some backlash in the crypto sector. Last month, the regulator declared it would always be “hawkish around consumer protection” regarding crypto.
Meanwhile, this registration marks the latest in a string of approvals that the exchange has managed to procure from around the world. Earlier this week, Crypto.com became the first cryptocurrency platform to receive approval from the Ontario Securities Commission to offer crypto products and services. Last week, a pair of acquisitions in South Korea gave Crypto.com the authority to operate there as a virtual-asset service provider. Last month, the crypto platform announced that it has received regulatory approval to operate as a crypto provider from the Italian watchdog Organismo Agenti e Mediatori (OAM).
In light of the anticipated Markets in Crypto Assets (MiCA) regulation from the European Union, firms have been racing to register with national financial watchdogs. The proposed legislation would enable crypto services providers to offer their services across the EU with authorization from just one national authority.