“Crypto.com Secures EMI License from the UK Financial Conduct Authority (FCA)!”

Crypto.com has obtained authorization as an Electronic Money Institution from the Financial Conduct Authority (FCA), the financial regulator of the United Kingdom.

The EMI license follows Crypto.com’s registration with the FCA as a crypto asset business in August 2022. The Cryptoasset Register, focusing on compliance with anti-money laundering and counter-terrorism financing regulations, targets firms engaged in crypto asset activities in the United Kingdom.

Compared to other licenses, the EMI license is broader, 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 products package in the United Kingdom.

Crypto.com joins other crypto firms such as Coinbase and Gemini in obtaining EMI licenses. In 2020, Aave’s commercial entity in the UK was also granted an EMI license, and Kraken, a competitor crypto exchange, received EMI authorization in Ireland in September and Virtual Asset Service Provider registration in Spain.

Crypto.com CEO Kris Marszalek stated, ‘The United Kingdom is an immensely important market for our business and the larger industry, and it continues to be so. We eagerly look forward to continuing our collaboration with a global regulatory leader in the form of the FCA in our collective pursuit of responsible innovation in the crypto space.’

With this license, Crypto.com has positioned itself to have a significant presence in the large UK market compared to other crypto exchanges. Moreover, this license enables them to enjoy various privileges, such as issuing electronic money.

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