The UK’s Financial Conduct Authority (FCA) has given the nod to Crypto.com, as it looks to expand its crypto-related business worldwide. The Singapore-headquartered crypto exchange will use its license in the UK to provide services such as exchanging digital assets for fiat or vice versa, among others. The FCA is overseeing the expansion of the crypto and web3 sectors in the UK. Earlier this year, the government body pledged to register existing crypto companies in the UK and enforce compliance against illegal activities currently exploiting the crypto sector.
“This is a significant milestone for Crypto.com, as the UK represents a strategically important market for us and at a time when the government is moving forward with its agenda to make the UK a global hub for crypto asset technology and investment.” Chris Marszalek, Co-Founder and CEO of Crypto.com said statement,
According to official documents, Crypto.com is listed in the UK under the trading name ‘Foris Dax UK Ltd’.
“This firm is registered for specific crypto asset activities. You can report this firm to the Financial Ombudsman Service. If the firm goes out of business because of your money, you can claim compensation from the Financial Services Compensation Scheme (FSCS). However, this is not always the case and these bodies may not cover some of the firm’s activities,” the FSA’s Official post Read on development.
Crypto.com’s operational approval in the UK comes against the backdrop of the country working on drafting and finalizing national crypto laws.
We are pleased to announce that we are currently receiving approval from the UK’s Financial Conduct Authority (FCA) :gb:
We will work hard to support the UK’s vision to become a global crypto hub.
— Crypto.com (@cryptocom) 17 August 2022
In July, the UK Treasury invited citizens to share their views on how they could improve tax rules and finance the current system to get the best out of the crypto sector.
The UK is seen as a high-potential market for cryptocurrencies with 650 percent growth from 2018 to 2021, the crypto.com blog said, citing data from research firm BanklessTimes.
Meanwhile, Crypto.com continues to add to its international operational licenses, which it began acquiring earlier this year.
Earlier this month, the exchange received a license as a virtual asset service provider in South Korea.
In July, the Organismo Agenti e Mediatori (OAM), Italy’s top financial regulator, approved Crypto.com’s operations 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.