Crypto.com Obtains EMI License!
Crypto.com, the cryptocurrency exchange, has obtained authorization as an Electronic Money Institution from the Financial Conduct Authority (FCA), the financial regulator in the United Kingdom.
The EMI license comes after Crypto.com registered with the Financial Conduct Authority (FCA) as a crypto asset business in August 2022. The Cryptoasset Register focuses on companies engaging in crypto asset activities in the United Kingdom with a particular emphasis on compliance with anti-money laundering and counter-terrorist financing regulations.
The EMI license is broader compared to other licenses, allowing companies to issue and manage electronic money and offer a wider range of financial services.
According to the announcement, the registration enables Crypto.com to offer a localized e-money product package in the United Kingdom.
It collaborates with other crypto firms like Coinbase and Gemini in obtaining the EMI license. Aave’s UK-based business received an EMI license in 2020, and Kraken, a rival crypto exchange, secured EMI authorization in Ireland in September and Virtual Asset Service Provider registration in Spain.”
Crypto.com CEO Kris Marszalek stated:
‘The United Kingdom remains and continues to be an extremely important market for our business and the broader industry. We look forward to continuing our collaboration with a global regulatory leader like the FCA in our collective pursuit of responsible innovation in the crypto space.’
By obtaining this license, Crypto.com positions itself to access a significant market in the United Kingdom compared to other cryptocurrency exchanges. Moreover, this license enables the company to engage in various privileges, including the issuance of electronic money.
