Digital asset swap Crypto.com has been given the go-ahead for “certain crypto-asset activity” in the UK, after receiving registration confirmation from the Financial Conduct Authority (FCA) on Tuesday.
According to an entry Tuesday in the Financial Services Authority’s (FCA) Financial Services Registry, FORIS DAX UK LIMITED is registered to conduct “certain crypto-asset activity”, while also obtaining money laundering regulator status.
FORIS DAX UK LIMITED is listed as the UK registered trade name of Crypto.com.
Registration details are scarce at the time of writing, and Crypto.com and the FCA have yet to comment on this. However, the FCA website notes that companies that conduct crypto-asset activity in the UK must register to comply with money laundering, terrorist financing and money transfer regulations.
As defined by the Financial Conduct Authority (FCA), crypto-asset business includes exchanging crypto assets for cash or cash for crypto-assets, or automating a machine to do so, and exchanging crypto-assets for crypto-assets.
On the other hand, the Financial Conduct Authority (FCA) has also compiled a list of 248 UK companies that appear to engage in crypto-asset activity not registered with the FCA for anti-money laundering purposes.
UK-based companies were required to be registered with the Financial Conduct Authority (FCA) by 9 January 2021, in order to continue carrying out their business, with companies that had applied but whose applications were still being processed and had been granted provisional registration.
The FCA has executive powers that allow it to investigate and impose financial penalties on companies that do not comply.
Crypto.com, a Singapore-based and globally operating cryptocurrency exchange with more than 50 million users, has been making regulatory breakthroughs at breakneck speed lately.
The UK registration… follows the pre-registration of cryptocurrency exchanges seeking regulatory approval in Canada on Monday and approval as a virtual asset service provider in the Cayman Islands on August 11.
On August 8, the exchange also acquired virtual asset service provider and registered South Korea’s Electronic Financial Transactions Act after acquiring payment service provider PnLink Co., Ltd. and virtual asset service provider OK-BIT Co., Ltd.
With these and other additional regulatory milestones, it appears that Crypto.com is striving to be seen as a safe and trustworthy exchange in the digital asset market, and its CEO Chris Marsalek has been vocal about its progress.