Cryptocurrency exchange Crypto.com is now an official authorised electronic money institution (EMI) after receiving clearance from the UK’s Financial Conduct Authority (FCA).
The EMI authorisation will allow Crypto.com to offer its suite of e-money products that includes the Crypto.com card amongst other offerings.
“The UK has and continues to be a hugely important market for our business and the greater industry,” said Kris Marszalek, CEO of Crypto.com.
“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 authorisation to become an EMI follows from Crypto.com’s approval to become a registered cryptoasset business in August 2022 after receiving clearance from the FCA.
The UK financial regulator has been highly active in implementing new guidelines and regulations for crypto and digital asset businesses to follow throughout the year, introducing the newly established crypto marketing and promotions regulations, and the Travel Rule.
This is in part of the FCA’s increased commitment to protecting UK citizens from consumer facing products and services it deems contain high risks.
For Crypto.com however, this latest green light in the UK enhances its growth expansion efforts across the globe, receiving multiple registration and licence clearances in multiple countries.
The crypto exchange received regulatory licences from Australia, Dubai, France, Italy, Singapore, Spain and South Korea in recent years.
