Crypto.com has received approval for “certain cryptoasset activities” in the United Kingdom, following the registration confirmation from the Financial Conduct Authority (FCA) yesterday.
At the time this article was written, there were few details regarding the registration. The FCA website, however, indicates that companies engaging in cryptocurrency asset activity in the UK must register in order to comply with laws governing money laundering, terrorism funding, and the movement of cash.
According to the FCA, exchanging crypto assets for cash, cash for crypto assets, automating a machine to do so, and exchanging crypto assets for crypto assets are all considered forms of crypto asset activity.
For anti-money laundering purposes, the FCA has also developed a list of 248 UK companies that appear to be engaged in crypto asset activities but are not registered with the FCA.
With more than 50 million customers worldwide, Singapore-based cryptocurrency exchange Crypto.com has recently been moving quickly to achieve regulatory goals.