Cronos

<p>Singapore’s Crypto.com has obtained an Electronic Money Institution (EMI) license from the Financial Conduct Authority (FCA) in the United Kingdom. The approval complements the platform’s existing <a href="https://crypto.com/company-news/crypto-com-receives-registration-approval-as-cryptoasset-business-from-uk-financial-conduct-authority-fca" rel="noopener noreferrer nofollow">status</a> as a registered crypto-asset business, a milestone achieved in August 2022.</p><h2 id="header-0">Set to expand product offering</h2><p>In a <a href="https://crypto.com/company-news/crypto-com-receives-authorisation-as-an-electronic-money-institution-from-the-united-kingdoms-financial-conduct-authority" rel="noopener noreferrer nofollow">press release</a> published to its website on Monday, the company outlined that the EMI license represents a pivotal step for the firm, empowering the exchange to issue and manage electronic money. This expansion goes beyond its initial crypto-asset business focus, which concentrated primarily on compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.</p><p>The regulatory nod came after Crypto.com underwent a comprehensive examination of its business and compliance practices, ensuring alignment with the stringent AML and CTF requirements in the UK.</p><p>With this authorization in hand, Crypto.com is poised to introduce a range of e-money products tailored for the UK market. This move aligns the company with other cryptocurrency firms like Coinbase and Gemini, which have previously secured similar licenses.</p><p>Notwithstanding that, while some other well-known platforms have struggled with recently introduced rules related to the marketing of crypto products and services in the UK, Crypto.com’s UK subsidiary company, FORIS DAX UK LIMITED, had successfully <a href="https://medium.com/&#64;coinness.gl/crypto-com-complies-with-uk-fcas-new-digital-asset-rules-c727cd51d637" rel="noopener noreferrer nofollow">registered</a> with the FCA in October.</p><h2 id="header-1">Building out global expansion</h2><p>While a trend has emerged in 2023 for crypto platforms to expand within regional markets around the world beyond the United States, Crypto.com has been following a global strategy for some time already. Last month, CRO DAX Middle East, a subsidiary company of Crypto.com, <a href="https://medium.com/&#64;coinness.gl/crypto-coms-dubai-based-subsidiary-secures-crypto-license-ea1472f7a4fb" rel="noopener noreferrer nofollow">secured</a> a license from the Virtual Assets Regulatory Authority (VARA) in Dubai to offer regulated virtual asset services.</p><p>Earlier this year, Patrick Yoon, General Manager of Crypto.com’s Korean business <a href="https://medium.com/&#64;coinness.gl/crypto-com-plans-to-launch-its-services-in-south-korea-this-year-99c01a4252b" rel="noopener noreferrer nofollow">outlined plans</a> for expansion within that market, including the aspiration to obtain the banking relationship required in order to conduct virtual asset trading business in South Korea.</p><h2 id="header-2">Dutch licensing success</h2><p>Earlier in July, Crypto.com received approval from the Dutch central bank, De Nederlandsche Bank (DNB), to extend its cryptocurrency services in the Netherlands.</p><p>This recognition places Crypto.com among the 36 cryptocurrency-related businesses approved by the Dutch central bank, joining major industry players like Coinbase Europe, eToro and Bitstamp. Notably, this approval followed Binance’s inability to secure registration in the Netherlands, leading to its exit from the country.</p><p>Expressing enthusiasm about this achievement, Kris Marszalek, CEO of Crypto.com, emphasized the importance of the UK market for their business. He stated:</p><p>“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.”</p><p>Crypto.com’s global expansion strategy includes regulatory approvals in Singapore, France, Italy, Dubai and Australia. However, in a strategic shift, the platform <a href="https://medium.com/&#64;coinness.gl/crypto-com-halts-institutional-exchange-service-in-the-us-9eaf39eda64f" rel="noopener noreferrer nofollow">discontinued</a> its institutional exchange service for professional customers in the United States in June. Citing a decline in demand, this move aligns with the broader market conditions in the U.S., influenced by ongoing legal actions against major exchanges such as Binance and Coinbase.</p>

Crypto.com unlocks regulated expansion through UK FCA licensing award

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