Crypto.com, a worldwide cryptocurrency platform, has reached a noteworthy achievement by securing an Electronic Money Institution (EMI) license from the FCA. This latest authorization comes on the heels of Crypto.com’s registration as a cryptoasset business with the FCA in August 2022. The Cryptoasset Register, introduced by the FCA, focuses on ensuring compliance with anti-money laundering and counter-terrorist financing regulations for firms involved in cryptoasset activities in the UK.
The EMI license is a broader endorsement, empowering companies to issue and manage electronic money while offering an expanded array of financial services. This strategic move enables Crypto.com to introduce a suite of UK-localized e-money products, as highlighted in an official statement. Notably, Crypto.com joins the ranks of other prominent crypto firms like Coinbase, Gemini, Aave, and Kraken, all of whom have previously secured EMI licenses.
According to Kris Marszalek, CEO of Crypto.com, “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.”
Founded in 2016, Crypto.com has proactively expanded its global compliance registrations amid heightened regulatory scrutiny in the cryptocurrency industry. This latest EMI authorization follows the acquisition of Major Payment Institution licenses for e-money services from the Monetary Authority of Singapore, derivatives clearing organization status regulated by the U.S. Commodity Futures Trading Commission, Digital Asset Service Provider registration in France, and Virtual Asset Service Provider authorization in Spain. The company’s commitment to regulatory compliance reflects its dedication to responsible innovation and navigating the evolving landscape of the crypto industry.