Crypto.com, based in Singapore, is the latest firm to receive regulatory approval from the UK’s Financial Conduct Authority (FCA).
The international cryptocurrency startup, which made headlines with its divisive commercials featuring Hollywood’s Matt Damon claiming that “fortune favors the brave,” announced many UK hires in March as it sought to expand into the country.
UK granting regulatory approval to crypto.com is a huge milestone according to Kris Marszalek!
“This is a significant milestone for Crypto.com, with the UK representing a strategically important market for us and at a time when the government is pushing forward with its agenda to make Britain a global hub for crypto asset technology and investment,” said Kris Marszalek, Crypto.com’s co-founder, and CEO.
“We are committed to the UK market and look forward to further developing our platform and presence in the UK by expanding our offering to customers while working with regulators.”
Crypto.com has also received varying regulatory approval in Singapore, Italy, Dubai, South Korea, Greece, Cyprus, and the Cayman Islands. It is also currently undergoing pre-registration in Canada.
The regulator prefers financial crime controls.
Currently, the FCA regulates the UK crypto asset industry in a limited capacity. Because the government has yet to finalize a comprehensive regulatory policy, crypto assets remain largely unregulated. Despite this, the FCA can still regulate cryptocurrency firms under anti-money laundering regulations amended in 2017.
The FCA must assess an applying firm’s financial crime prevention measures to grant regulatory approval, and if they are deemed acceptable, FCA can add the company to the approval register.
The FCA’s crypto register currently includes under 40 companies, including eToro, Gemini, and Bitpanda. The financial watchdog set a deadline for crypto firms to register or cease operations in the UK. Twelve companies unable to meet the initial deadline were granted temporary approval.
All but one of the firms placed on temporary register have either withdrawn their application or been approved by the regulator today. Revolut is the final company on the temporary register.