Significant developments continue in the cryptocurrency market regarding ongoing legal processes. Accordingly, the global cryptocurrency platform Crypto.com has received authorization as an Electronic Money Institution from the United Kingdom’s Financial Conduct Authority. The EMI license followed Crypto.com’s registration with the Financial Conduct Authority (FCA) as a crypto asset business in August 2022.
Green Light from the United Kingdom
The Cryptoasset Register is known as a measure focusing on compliance with anti-money laundering and counter-terrorism financing in the UK’s crypto asset activities. The EMI license covers broader ground and allows companies offering crypto services to issue crypto assets, manage them, and offer a wider range of financial services.
According to the announcement related to the topic, the license allows Crypto.com to offer a localized package of crypto asset products in the UK. By obtaining the EMI license, Crypto.com joins other crypto firms such as Coinbase and Gemini that have received approval from the regulatory authority.
Significant Steps Taken Towards Legal Processes
The DeFi lending protocol Aave’s commercial establishment in the UK was also granted an EMI license in 2020, and crypto exchange competitor Kraken received EMI authority in Ireland and Crypto Asset Service Provider registration in Spain in September. Crypto.com CEO Kris Marszalek commented on the development:
“The UK has been and continues to be an extremely important market for our business and the larger industry. We look forward to continuing to collaborate with the FCA, a global regulatory leader, in our pursuit of responsible innovation in crypto.”
Founded in 2016, Crypto.com has been attracting attention with its efforts to expand global compliance records during the recent years of increasing legal regulation in the industry.
The EMI authority follows the obtaining of Major Payment Institution licenses for crypto asset services from the Singapore Monetary Authority, futures commission merchant status regulated by the US Commodity Futures Trading Commission, Crypto Asset Service Provider registration in France, and Crypto Asset Service Provider authority in Spain.
