Hassan Maishera
TL;DR
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Cryptocurrency exchange Crypto.com has been authorized to operate as an electronic money institution in the U.K.
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The company intends to use the license to offer e-money products in the country.
Crypto.com Gains Authorization To Operate As An Electronic Money Institution
Crypto.com announced via a blog post on Monday that it has received authorization to operate as an electronic money institution (EMI) in the U.K. According to the cryptocurrency exchange, it would use the icense to offer e-money products in the country.
The EMI authorization will allow Crypto.com to offer a suite of UK-localised e-money products that align with the FCA’s regime. While commenting on this latest development, Kris Marszalek, CEO of Crypto.com, said,
“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.”
The cryptocurrency exchange has boosted its efforts in recent months to obtain licenses in different countries, enabling it to operate under the guidance of regulators.
Crypto.com recently received licenses in Singapore. The company is also regulated as a derivatives clearing organization with the U.S. Commodity Futures Trading Commission and also has registrations and licenses in France, Dubai and a few other countries.
