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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Dec 05, 2023 02:53 UTC
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Crypto.com Wins UK FCA’s Trust; Secures EMI License for Financial Services
Crypto.com got an EMI license from the UK's FCA, allowing it to offer more financial services in the UK.
This is a big deal because it shows Crypto.com is committed to following regulations and being a leader in the crypto industry.
This could help the whole crypto market by making it more trustworthy and stable.
In a significant move, Crypto.com, a leading Singapore-based cryptocurrency exchange, has recently received the Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA). This big announcement, shared in an official press release on Monday, December 4, 2023, marks a major step for Crypto.com as it plans to expand its services within the United Kingdom.
Expansion on the Cards!
The EMI license, a comprehensive endorsement from the FCA, empowers Crypto.com to not only handle electronic money but also diversify its offerings to include a range of financial services. This achievement follows the company’s earlier registration with the FCA as a cryptoasset business back in August 2022.
With a global user base of over 80 million, Crypto.com is known for its strong commitment to security, privacy, and following the rules. The new EMI license is expected to strengthen the company’s position as a leader. The FCA’s approval allows Crypto.com to introduce a variety of UK-focused e-money products, aligning with its mission to uphold high standards of consumer protection.
Also Read: UK Introduces New Tax Rules for Cryptocurrency Users
Kris Marszalek’s Perspective
Kris Marszalek, Crypto.com’s CEO, expressed excitement about this development.
“The UK market remains pivotal to our operations and the broader digital asset industry. We look forward to continuing our work with the FCA, a global regulatory leader, in fostering responsible innovation in the crypto sector.”
This significant achievement highlights Crypto.com’s strict adherence to regulatory requirements, including anti-money laundering and counter-terrorist financing measures following UK law. Obtaining the EMI license puts Crypto.com alongside other crypto-focused entities like Coinbase and Gemini, who also secured this license in the UK.
Setting the Standard High
In the midst of the growing push for cryptocurrency regulation globally, Crypto.com’s unwavering commitment to following the rules sets an industry benchmark. The company’s skilled navigation through the regulatory landscape signals a positive path for the broader cryptocurrency market, promising increased trust and stability for users and investors.
This might by just what the market needs at this point. Would you agree?
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