Crypto.com secures Electronic Money Institution license from UK financial regulator
Quick Take
- Crypto.com has received authorization from the UK’s financial regulator as an Electronic Money Institution.
- The trading platform joins crypto firms such as Coinbase and Gemini in obtaining a UK EMI license, enabling it to broaden its product offering in the country.
Global cryptocurrency platform Crypto.com has secured authorization as an Electronic Money Institution from the United Kingdom's financial regulator, the Financial Conduct Authority.
The EMI license follows Crypto.com's registration as a cryptoasset business with the FCA in August 2022. The Cryptoasset Register is aimed at firms engaging in cryptoasset activities in the UK with a focus on anti-money laundering and counter-terrorist financing compliance. The EMI license is broader, allowing firms to issue and manage electronic money and provide a wider range of financial services.
The registration allows Crypto.com to offer a suite of UK-localized e-money products, according to a statement.
It joins other crypto firms, such as Coinbase and Gemini, in obtaining an EMI license. The DeFi lending protocol Aave's U.K. business entity was also issued an EMI license in 2020, and crypto exchange rival Kraken secured EMI authorization in Ireland and Virtual Asset Service Provider registration in Spain in September.
“The UK has and continues to be a hugely important market for our business and the greater industry,” Crypto.com CEO Kris Marszalek said. “We look forward to continuing to collaborate with a global regulatory leader in the FCA in our collective pursuit of responsible innovation for crypto.”
Global regulatory compliance
Crypto.com, founded in 2016, has sought to expand its global compliance registrations in recent years against a backdrop of increased regulatory scrutiny against the industry.
Its EMI authorization also follows securing Major Payment Institution licenses for e-money services from the Monetary Authority of Singapore, U.S. Commodity Futures Trading Commission regulated derivatives clearing organization status, a Digital Asset Service Provider registration in France and Virtual Asset Service Provider authorization in Spain.
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