Crypto.com Secures New License from FCA
Crypto.com has recently obtained a new license as an Electronic Money Institution (EMI) from the Financial Conduct Authority (FCA), the UK’s financial regulator.
This development, which took place in December 2023, positions Crypto.com alongside other major cryptocurrency companies such as Coinbase and Gemini, who have also obtained the EMI license in the UK.
“The UK has been and continues to be an extremely important market for our business and the entire industry,” said Kris Marszalek, CEO of Crypto.com.
Implications of the New License
Unlike its previous registration as a cryptocurrency firm with the FCA, which focused primarily on anti-money laundering and counter-terrorism financing, the EMI license provides a broader scope, allowing for the issuance and management of electronic money and the provision of expanded financial services.
“We look forward to continuing to collaborate with a global leader in regulation, the FCA, in our collective pursuit of responsible innovation for crypto,” added Kris Marszalek.
Prior to obtaining this license in the UK, the company had already secured Major Payment Institution licenses for electronic money services from the Monetary Authority of Singapore, as well as regulated derivatives clearing organization status from the U.S.
The new license will enable Crypto.com to offer localized electronic money products in the UK, further expanding its global services.
