Crypto.com, a global cryptocurrency platform, has achieved a significant milestone by obtaining an Electronic Money Institution (EMI) license from the Financial Conduct Authority (FCA) in the United Kingdom. This regulatory approval marks a strategic move allowing Crypto.com to broaden its financial services portfolio within the country.
This EMI license, secured after Crypto.com's earlier registration as a cryptoasset business with the FCA in August 2022, marks a substantial advancement in its operational capabilities. While the initial registration focused on anti-money laundering compliance via the Cryptoasset Register, the newly acquired EMI license widens the scope, enabling Crypto.com to issue and manage electronic money, thus broadening its financial service offerings.
Joining industry peers like Coinbase and Gemini, Crypto.com's EMI authorization positions it among select crypto firms allowed to operate in the UK under this designation. CEO Kris Marszalek emphasized the importance of the UK market, expressing anticipation for continued collaboration with the FCA.
Crypto.com's proactive compliance strategy includes this recent EMI license, complementing its existing regulatory achievements across various global jurisdictions, reinforcing its commitment to responsible operation within the cryptocurrency industry.