Crypto.com is now registered as a UK Cryptoasset Provider
Crypto.com, the Singapore-based cryptocurrency platform, continues to pursue its agenda of global expansion and has announced that it registered with Britain’s Financial Conduct Authority's (FCA) as a crypto asset business.
The crypto platform can now legally offer certain services and its products that are compliant with the country’s anti-money laundering and other financial regulations to customers residing in the UK. Which exact services are implied remain unclear at this stage, however considering that several Crypto.com ads were banned by the FCA in January of 2022 for being ‘misleading’, this is a big step forward for the crypto giant.
As noted in an official statement by Kris Marszalek, Co-Founder and CEO of Crypto.com, the company sees the UK as a country that presents a “strategically important market” and the UK government is “pushing forward with its agenda to make Britain a global hub for crypto asset technology and investment.”
As noted in an official statement by Kris Marszalek, Co-Founder and CEO of Crypto.com, the company sees the UK as a country that presents a “strategically important market” and the UK 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.said Kris Marszalek
It was announced in March that Crypto.com has already closed several senior positions in the UK. As of now, the company employs 100 specialists in the country, including a UK General Manager and a Global Head of Sustainability and ESG. Prior to being registered in the UK, Crypto.com has also obtained registrations in Italy and South Korea. The company, which has operated since 2016, now provides services to 50 million customers worldwide. Yet the company has faced some roadblocks along the way like many key players in the crypto sector. As the market turned bearish, we’ve seen a lot of cutbacks with Crypto.com being no exception - in June of 2022, the company laid off 260 of its employees, which amounted to 5% of its staff. This week, as reported by Decrypt, the second layoff at Crypto.com is currently in motion.
However, despite the fact that the UK has gone through a 650% increase in crypto adoption in the period of 2018 to 2021 (as stated in Bankless Times), crypto is still not entirely regulated in the UK and those who lose their digital assets will not be compensated in any way. FCA itself has rejected numerous companies who applied for registration, including the world’s largest crypto exchange Binance for it not being capable of “being effectively supervised". The financial watchdog intends to “keep markets clean”.
As we have seen in other sectors like anti-money laundering, these are inherently cross-border activities by some very well organized actors and therefore having good common regulatory standards and information sharing cross-border is fundamental to the clean markets that we all want.said Nikhil Rathi, the FCA Chief Executive, earlier this year.
So as the world continues to embrace the new blockchain reality, the biggest economic powers and structures try to figure out ways to regulate the vastly-growing cryptocurrency industry, whilst crypto companies don’t miss out on opportunities to quickly adapt to new regulations and claim their seat at the table.
