ryptocurrency platform Crypto.com has received a meaningful regulatory approval from the UK's Financial Conduct Authority (FCA) that clears the way for it to roll out additional financial products and services.
The Singapore-based company announced it has been authorized to operate as an Electronic Money Institution (EMI) in Britain. This allows Crypto.com to issue electronic money and execute payment transactions under the supervision of the UK's financial watchdog.
As one of the largest crypto exchanges, gaining an EMI license unlocks Crypto.com's ability to fully participate in the growing electronic money sector and better cater to the needs of British consumers and businesses.
What Does This Approval Mean for Crypto.com's UK Operations?
The EMI permit enables Crypto.com to issue and redeem digital currency, facilitate transfers between users, maintain payment accounts, and handle related back-end activities. It subjects the company to rules around safeguarding funds, outsourcing, transparency, and more.
More specifically, with the EMI license, Crypto.com is now equipped to:
- Offer regulated e-money accounts and deposit functionality to UK customers. This creates an on-ramp for those looking to buy cryptocurrencies or stablecoins using fiat currencies like GBP.
- Potentially introduce additional banking-style services over time like interest-bearing accounts, debit/credit cards, checkbook features, etc. tied to e-money balances.
- Pursue partnerships with merchants and payment gateways to facilitate crypto spending and remittances involving digital currencies and fiat.
- Continue participating actively in industry groups and policymaking discussions to help shape sensible regulations on emerging technologies.
Expanding Compliance as Cryptocurrency Adoption Grows
The company emphasized the UK remains a vitally important market as adoption rises globally. Obtaining the EMI license builds upon Crypto.com's existing crypto asset registration and shows commitment to complying with local rules.
As one of the largest cryptocurrency players, taking on applicable regulations sets an example for the industry. It helps foster trust in digital asset firms and supports the long-term goals of mainstream accessibility and use cases for blockchain-based currencies and applications.
The approval arrives amid intensifying regulatory activity worldwide regarding cryptocurrencies. By establishing authorized operations backed by licenses, platforms like Crypto.com demonstrate the technology can coexist with oversight in a compliant way.