Crypto.com receives regulatory approval for UK operations

The cryptocurrency platform will be able to offer a ‘cryptoasset activities‘ for UK customers

Crypto.com app                                 
The Singapore-based firm currently serves more than 50 million users worldwide – Photo: Shutterstock
                                

Crypto.com has received regulatory approval from the Financial Conduct Authority (FCA) to operate in the UK, according to a recent filing

The company, which is registered as FORIS DAX UK LTD, is now enrolled for “certain cryptoasset activities” as of 16 August, according to the FCA.

Crypto.com currently serves more than 50 million users worldwide and said the move will enable the firm to offer a suite of products and services to customers in the UK, compliant with local regulations.  

In a statement, Kris Marszalek, CEO of Crypto.com, said: “This is a significant milestone for Crypto.com, with the UK representing a strategically important market for us and at a time when the government is pushing forward with its agenda to make Britain a global hub for crypto asset technology and investment.”

Licensed to operate around the world

Founded in 2016, the Singapore-based firm recently received a series of provisional regulatory approvals to operate in regions such as Singapore, Italy and Dubai.  

It was also granted its South Korean regulatory licence earlier this month, following the acquisition of two local firms, PnLink Co., Ltd and OK-BIT Co., Ltd. 

But the process of gaining regulatory approval in the UK is deemed highly competitive, with the FCA carefully assesing a firm’s measures to combat money laundering, fraud and financial crimes. 

“We are committed to the UK market and we look forward to developing our platform and presence in the UK further by expanding our offering to customers, while continuing to work with regulators,” Marszalek said.

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