Crypto.com Scores Functional License in UK to Provide ‘Certain Crypto Asset Services’

UK's Financial Conduct Authority (FCA) has given a nod to Crypto.com, as it seeks to expand its crypto-related business around the world. The Singapore-headquartered crypto exchange will use its license in the UK to provided services like exchanging digital assets for fiat or vice versa among others. The FCA is overseeing the expansion of the crypto and Web3 sector in the UK. Earlier this year, the government body had instructed existing crypto companies in the UK to register and promise compliance against illicit activities currently exploiting the crypto sphere.

“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.” said Kris Marszalek, Co-Founder and CEO of Crypto.com said in a statement.

As per official documents, Crypto.com has been listed in the UK under the trading name ‘Foris Dax UK Ltd'.

“This firm is registered for certain crypto asset activities. You may be able to complain about this firm to the Financial Ombudsman Service. If this firm goes out of business owing you money you may be able to claim compensation from the Financial Services Compensation Scheme (FSCS). However, this is not always the case and these organisations may not cover some of this firm's activities,” FSA's official post on the development read.

Crypto.com bagging an operational approval in the UK comes in the backdrop of the country, working on formulating and finalising the national crypto laws.

In July, the UK Treasury invited the citizens to share their opinions on how regulators can make tax rules and financial amendments to its existing systems that fetch the best out of the crypto sector.

The UK is seen as a high-potential market for cryptocurrency, following a 650 percent increase in adoption from 2018 to 2021, the Crypto.com blog said citing data by research firm BanklessTimes.

Meanwhile, Crypto.com continues to add to its international operational licenses, which is started to acquire earlier this year.

Earlier this month, the exchange obtained the license as a virtual asset service provider in South Korea.

Back in July, the Organismo Agenti e Mediatori (OAM), the top financial regulator in Italy had approved the operations of Crypto.com in the country.

In June, the exchange also managed to secure provisional approval from Dubai's regulators to provide a variety of cryptocurrency services in the city.