Singapore-headquartered Crypto.com has received regulatory approval from the Financial Conduct Authority (FCA) in the United Kingdom (UK) as a cryptoasset business.
In a statement on 17 August, the cryptocurrency exchange platform said the registration will enable it to offer a suite of products and services to customers in the UK, compliant with local regulations.
Crypto.com said it currently has more than 50 million users worldwide and over 4,000 staff.
Kris Marszalek, co-founder and CEO of Crypto.com said: "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.
"We are committed to the UK market and we look forward to developing our platform and presence in the UK further by expanding our offering to customers, while continuing to work with regulators."
In March, Crypto.com announced several senior hires in the UK, including the appointment of a UK General Manager and a Global Head of Sustainability and ESG.
The UK is seen as a high-potential market for cryptocurrency, following a 650% increase in adoption from 2018 to 2021, according to research by BanklessTimes.
Founded in 2016, it recently received in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore, provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority, Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea.
It also has registration in Italy from the Organismo Agenti e Mediatori (OAM), registration in Greece from the Hellenic Capital Market Commission, registration in Cyprus from the Securities and Exchange Commission, regulatory approval from the Cayman Islands Monetary Authority, and a pre-registration undertaking with the Ontario Securities Administration in Canada.
