Cryptocurrency exchange Crypto.com has received authorization as an Electronic Money Institution (EMI) from the UK's financial regulator, the Financial Conduct Authority (FCA).
"Having received EMI authorization, Crypto.com will offer a range of UK-localized e-money products under the FCA's robust regime, which is consistent with Crypto.com's commitment to ensuring the highest standards of user protection," the cryptocurrency exchange said in an official message.
The EMI license follows Crypto.com's registration with the FCA as a crypto services company in August 2022. Registration with the FCA means that companies operating cryptocurrency activities in the country are subject to anti-money laundering and consumer protection rules. However, the EMI license is broader, allowing companies to issue and manage electronic money and provide a wider range of financial services.
"The UK has been and continues to be an extremely important market for our business and the industry as a whole," said Kris Marszalek, CEO of Crypto.com.
"We look forward to continuing to cooperate with the FCA, a global leader in regulation, in our mutual pursuit of responsible innovation in the crypto field," he added.
The EMI authorization reaffirms Crypto.com's commitment to expanding its global presence in the cryptocurrency market and follows the company's receipt of a major payment institution license for e-money services from the Monetary Authority of Singapore, derivatives clearing organization status regulated by the U.S. Commodity Futures Trading Commission, digital asset service provider registration in France, and virtual asset service provider authorization in Spain.
It is worth noting that Crypto.com is not the first cryptocurrency exchange to receive an EMI license from the FCA. Previously, EMI authorization was received by Coinbase and Gemini, as well as Aave, which operates under the DeFi lending protocol.
Meanwhile, crypto exchange Kraken, Crypto.com's main competitor, received EMI authorization in Ireland and virtual asset service provider registration in Spain in September.
Founded in 2016, cryptocurrency exchange Crypto.com offers its 80 million clients worldwide a wide arsenal of analytical tools and does not limit traders to trading strategies. In addition to actual leveraged cryptocurrency trading, traders can earn money by investing in the Supercharger program.
Read also: South Korea steps up efforts to find unlicensed crypto exchanges.
