Crypto.com gets Regulatory Approval in UK

BUSINESS

The company, Crypto.com, is a cryptocurrency platform based in Singapore, has registered with the financial services regulator in the United Kingdom. Joining the Financial Conduct Authority’s (FCA) register means that the company has got the approval to offer crypto asset services and products to customers in the United Kingdom in compliance with terrorist and anti-money laundering financing rules.

The chief executive officer of Crypto.com, Kris Marszalek, said the United Kingdom is a strategically important market for them, citing an increase in the adoption of cryptocurrency in the country, and the agenda of the UK government to make Britain a hub for crypto assets.

As authorities around the world are struggling with how to regulate the crypto industry, the companies are racing to register with the financial regulators of the countries. Cryptocurrencies are not regulated in the United Kingdom, and there is no compensation for the consumers who are losing their digital assets.

Previously, the FCA has faced a backlash in the crypto industry after turning down the registration applications from the scores of crypto companies. In July 2022, the UK watchdog said it will always be around consumer protection when it comes to cryptocurrency.

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Over a trillion dollars has erased the global cryptocurrency market capitalisation in 2022 so far. Crypto.com, which has around 50 million customers across the globe.