Crypto.com has achieved authorization as an Electronic Money Institution (EMI) from the United Kingdom’s Financial Conduct Authority (FCA). This latest regulatory approval, following Crypto.com’s FCA registration as a cryptoasset business in August 2022, positions the platform to expand its product offerings within the UK.
With the EMI authorization, the company can introduce a suite of UK-localized e-money products, adhering to the robust FCA regulatory framework.
The move aligns with Crypto.com’s commitment to maintaining the highest standards of consumer protection.
Crypto.com is a Web3 firm that aims to accelerate the world’s transition to cryptocurrency. The company’s vision is “Cryptocurrency in Every Wallet™,” and its mission is to accelerate the world’s transition to cryptocurrency.
Crypto.com believes that the future of the internet, powered by cryptocurrency, will be more fair and equitable, owned by the builders, creators, and users.
The company offers a range of products and services, including a cryptocurrency exchange, a crypto Visa card, and a platform for buying, selling, and storing cryptocurrencies.
It also allows users to collect and trade NFTs. Crypto.com is committed to security, privacy, and compliance, and it is trusted by millions of customers worldwide.
The company is headquartered in Singapore and has a global team of over 4,000 employees.
Kris Marszalek, the CEO of Crypto.com, believes that the firm has taken a significant turn towards approval in the UK.
“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,” he added.
In 2023, Crypto.com has achieved several successes, demonstrating its continued growth and innovation in the cryptocurrency space. Crypto.com introduced new features to enhance the user experience and incentivize trading. For example, the introduction of Badges rewards users for their trading activities, providing them with special experiences and utilities based on their trading volume.
In terms of regulatory expansion, it has obtained a Virtual Asset Service Provider (VASP) License from Dubai’s Virtual Assets Regulatory Authority, allowing the company to offer regulated virtual asset service activities, including exchange services, broker-dealer services, management and investment services, and lending and borrowing services.
It has also formed high-profile partnerships with top-tier sports and entertainment properties, including Formula 1, the Ultimate Fighting Championship (UFC), Paris Saint-Germain, and the Philadelphia 76ers. These partnerships have increased the company’s visibility and attracted new users.