Crypto.com secures UK registration for ‘crypto-asset activities’

Digital asset exchange Crypto.com has just received the green light for “certain crypto-asset activities” in the UK, after receiving confirmation of registration from the Financial Conduct Authority (FCA) on Tuesday.

According to a Tuesday entry in the FCA’s Financial Services Register, FORIS DAX UK LIMITED has been registered to conduct “certain crypto-asset activities”, while also gaining regulatory money laundering status.

FORIS DAX UK LIMITED is listed as the UK registered trading name for Crypto.com.

Details on the registration are scarce at the time of writing, and Crypto.com and the FCA have yet to comment. However, the FCA website suggests that companies doing crypto-asset business in the UK must register to comply with money laundering, terrorist financing and transfer of funds regulations.

According to the FCA’s definition, crypto-asset activity includes exchanging crypto-assets for cash or money for crypto-assets, or automating a machine to do so, and exchange of crypto assets for crypto assets.

On the other hand, the FCA has also compiled a list of 248 UK companies that appear to be engaged in crypto-asset business that is not registered with the FCA for anti-money laundering purposes.

Existing businesses in the UK needed to be registered with the FCA by 9 January 2021, in order to continue to operate, businesses that have applied but are still pending are granted registration temporary.

The FCA has enforcement powers to investigate and impose financial penalties on companies that fail to comply.

Crypto.com, a Singapore-based cryptocurrency exchange that operates globally with over 50 million users, has recently been pursuing regulatory steps at breakneck speed.

The UK registration follows pre-registration filings for crypto trading platforms 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 obtained registration for the virtual asset service provider and the Electronic Financial Transaction Act in South Korea following the acquisition of payment service provider PnLink Co., Ltd. and virtual asset service provider OK-BIT Co., Ltd.

With these and other regulatory milestones, Crypto.com appears to be pushing to be seen as a secure and trustworthy exchange in the digital asset market, and its CEO Kris Marszalek has been candid about their progress.

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