By Shelly Melancon (Switzerland)
The UK’s Financial Conduct Authority (FCA) has approved Crypto.com’s request to begin operations in the country. The FCA confirmed that Crypto.com would now offer some “crypto asset” services in the United Kingdom after the FCA approved its registration.
According to the FCA’s Financial Trading Register, Crypto.com is registered as FORIS DAX UK LIMITED.
However, details about other aspects of the registration were not yet available at the time of writing.
What is Crypto Asset Activity?
The FCA defines crypto asset activities as exchanging crypto assets for money or swapping digital tokens and vice versa. Meanwhile, the regulator’s website indicates that all businesses in the UK indulging in crypto activity must be registered. Additionally, they must comply with money laundering, terrorism financing, and fund transfers.
Moreover, the FCA has released a list of 248 businesses operating in the UK and involved in crypto activity without FCA registration.
Companies involved in crypto activity in the UK must register with the agency on January 9, 2021. However, businesses that have already applied and are yet to be approved were given temporary registration status. As a regulator, the FCA is empowered by law to investigate and impose penalties on erring firms that failed to comply with its directives.
Also read:Crypto.com Seeks Global Expansion
The Singapore-based crypto exchange has a global outlook with more than 50 million users. It is currently seeking regulatory approval in as many countries as possible at a speed never seen before.
Thus, the UK’s registration comes on the heels of the platform’s seeking regulatory approval in Canada on Monday. Moreover, it also filed for approval in Cayman Island as a virtual asset service provider on August 11.
On August 8, it was registered as a virtual asset provider in South Korea after it acquired payment service providers PnLink Co., Ltd., and OK-BIT Co., Ltd.
As it pushes to stake its claim as a secure exchange within the digital asset industry, Crypto.com has achieved a substantial regulatory milestone.
Kris Marszalek, CEO of Crypto.com, was bullish on the firm’s prospects. The CEO believes that the company has a strong foundation that it could build on to make its way up. Furthermore, the CEO reiterated that European expansion is the company’s focus.
It is a priority among other regions, and the firm’s continued expansion is a testament to its commitment to ensuring compliance and working with regulators.
Last month, Crypto.com secured regulatory approval in Cyprus just a few days after achieving the same in Italy.
Spending Galore
At the heart of the crypto market bloodbath, companies downsized their workforce to cut costs and maintain profits. 5% of its staff, representing its retrenched workforce, also parted ways.
However, unlike others, the company was heavily criticized due to its chronic spending on campaigns, advertisements, and naming rights. Through massive job losses, it annually expends about 700 million dollars on its naming rights.
The $700 million is for renaming the Staples Center in Los Angeles to the “Crypto.com Arena.”
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