Crypto.com receives UK’s EMI license, paving way for regulated expansion
Cryptocurrency exchange Crypto.com has been authorized as an Electronic Money Institution by the United Kingdom’s Financial Conduct Authority (FCA).
This new license builds on the platform’s existing registration as a cryptoasset business, a status it attained in August 2022.
The EMI license will enable Crypto.com to issue and manage electronic money, expanding its service offerings beyond the initial focus of its cryptoasset business registration, which was primarily centered on anti-money laundering and counter-terrorist financing compliance.
Crypto.com said it received registration after it had completed a thorough review of its business and compliance practices to meet the country’s Anti-Money Laundering and counter-financing of terrorism requirements.
With this authorization, Crypto.com is set to introduce a variety of e-money products tailored for the UK market. This move places the company alongside other cryptocurrency firms, such as Coinbase and Gemini, which have previously obtained similar licenses.
In the broader context of the cryptocurrency industry, DeFi lending protocol Aave and crypto exchange Kraken have also secured EMI licenses in the UK and Ireland, respectively, along with registration in Spain for Kraken as a Virtual Asset Service Provider.
“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,” said Kris Marszalek, CEO of Crypto.com.
Also in July, Crypto.com was granted approval by the Dutch central bank, De Nederlandsche Bank (DNB), to offer its cryptocurrency services in the Netherlands. This registration makes Crypto.com one of 36 cryptocurrency-related businesses currently approved by the Dutch central bank, alongside major players like Coinbase Europe, eToro, and Bitstamp. Interestingly, the approval came in the wake of Binance’s failure to secure registration in the Netherlands, leading to its exit from the country.
Crypto.com has been expanding its presence in various jurisdictions and has recently received regulatory approvals in Singapore, France, Italy, the U.K., Dubai, and Australia.
In a different context, Crypto.com discontinued its institutional exchange service for professional customers in the United States in June. The Singapore-based cryptocurrency exchange cited a decline in demand, likely influenced by the current market conditions in the US, including the ongoing legal actions against prominent exchanges such as Binance and Coinbase.