CryptoCom Secures FCA License to Operate in the U.K.
We’re excited to share that we've received regulatory approval in another key global jurisdiction, this time from the UK's Financial Conduct Authority (FCA) ??
We'll work hard to support the UK’s vision to become a global crypto hub.
Full Details ?https://t.co/0OWgJifa4p pic.twitter.com/0rFVcYkjvY
— Crypto.com (@cryptocom) August 17, 2022
Leading cryptocurrency exchange CryptoCom has received regulatory approval from the United Kingdom Financial Conduct Authority (FCA) to offer certain products and services to its customers in the region.
The latest milestone achievement shows the company’s compliance with government authorities across the regional markets, where it has been granted permission to operate as a crypto asset business.
Speaking on the new development, Kris Marszalek, the CEO and Co-Founder of the Singapore-based firm, noted that the new registration marks a significant milestone as the U.K. represents a strategically important market for the exchange.
“This registration will enable Crypto.com to offer a suite of products and services to customers in the UK, compliant with local regulations.”
According to research conducted by Bankless Times, the U.K. market has seen significant growth, with a 650% increase in adoption from 2018 to 2021. The latest approval aligns with the company’s mission to expand its global business offerings. Earlier this year, the exchange increased its workforce with several hires in the U.K., including the appointment of a U.K General Manager and Global Head of Sustainability and ESG.
The company had earlier obtained operational licenses from the Dubai Virtual Assets Regulatory Authority (VARA), which was recently established to regulate the use of cryptocurrencies in the region.
CryptoCom has also received approval from the governments of South Korea, Singapore, and the Cayman Islands in Cyprus, among others.
According to the exchange following regulators authorized the exchange recently: “Virtual Asset License from the Dubai Virtual Assets Regulatory Authority, Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea, registration in Italy from the Organismo Agenti e Mediatori (OAM), registration in Greece from the Hellenic Capital Market Commission, registration in Cyprus from the Securities and Exchange Commission, regulatory approval from the Cayman Islands Monetary Authority, and a pre-registration undertaking with the Ontario Securities Administration in Canada.”