Crypto.com gains FCA approval

Singapore-based cryptocurrency exchange Crypto.com has gained regulatory approval to operate in the UK, according to a company statement.

The platform has successfully registered with the UK’s financial services regulator, the Financial Conduct Authority (FCA) and can now offer its crypto asset services and products to customers in the UK subject to adhering to the anti-money laundering and “terrorist” financing rules.

Crypto.com CEO Kris Marszalek says that gaining approval to regulate in Britain is “strategically important”, noting the UK’s newest agenda to become a hub for crypto assets.

Globally, companies are getting to grips with adopting cryptocurrencies into traditional financial services.

Currently, regulation is a worldwide conversation and many firms are racing to register with financial services to eliminate uncertainty surrounding any upcoming rules and laws.

As it stands, cryptocurrencies are not yet regulated in the UK, and no compensation is given to those who lose digital assets.

The FCA has turned down many applications from crypto companies and has said it will always be “hawkish around consumer protection” in regard to crypto.

Recently, it asked platforms to be more vigilant when informing their consumers about the risks of crypto investment so that those who aren’t covered by traditional financial safety nets do not lose their money.

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Updated: 08/18/2022 — 08:00