Crypto.com Gets UK Registration For Crypto Asset Activities

Crypto.com gets UK registration for crypto asset activities in another of a multitude of cases where the company is actively listening to national and regional regulators and following their rules. This behavior makes the company stand out in the industry as a serious and powerful force to be reckoned with.

Crypto.com Gets UK Registration For Crypto Asset Activities

After gaining registration confirmation from the Financial Conduct Authority (FCA) on Tuesday, digital asset exchange “Crypto.com” has now received the go-ahead for certain crypto asset operations in the UK.

According to the FCA’s Financial Services Register, “FORIS DAX UK LIMITED” received money laundering regulation status on August 16 and registered to conduct certain crypto asset operations.

FORIS DAX UK LIMITED is the official trading name for Crypto.com in the UK.

Although the FCA website advises businesses engaging in cryptocurrency asset activity in the UK to register in order to abide by laws governing money laundering, terrorist financing, and the transfer of funds, details on the registration are sparse as of this writing, and neither Crypto.com nor the FCA has offered any comments.

Trading crypto assets for cash, exchanging crypto assets for cash, automating a machine to do so, and doing so are all seen by the FCA as kinds of crypto asset activity.

Firms that have applied but are still waiting for their applications to be completed are given temporary registration.

The FCA is able to look into noncompliant businesses and fine them.

With more than 50 million customers worldwide, Singapore-based cryptocurrency exchange Crypto.com has recently been moving quickly to achieve regulatory goals.

Other Accomplishments

The pre-registration submissions for cryptocurrency trading platforms seeking regulatory permission in Canada and the Cayman Islands as virtual asset service providers were made on Monday and August 11, respectively. The registration in the UK comes after the filings.

https://t.co/pFc4Pz9nFR continues building on a strong foundation of regulatory compliance, providing a safe and trusted platform to Canadian crypto community 🇨🇦 https://t.co/yzWEp8r9f2

— Kris | Crypto.com (@kris) August 15, 2022

The exchange also obtained registration under the Electronic Financial Transaction Act and as a Virtual Asset Service Provider in South Korea following the acquisition of payment service provider “PnLink Co., Ltd.” and virtual asset service provider “OK-BIT Co., Ltd.” on August 8.

With all these and other accomplishments, Crypto.com is really trying to be recognized as a reliable and safe exchange in the digital asset market, and CEO Kris Marszalek has been vocal about their development.

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