Popular cryptocurrency exchange crypto.com has secured a regulatory license from the United Kingdom Financial Conduct Authority(FCA). This development was relayed via its verified Twitter handle on Wednesday. Reportedly, the license will enable them to operate a crypto asset business. More so, the company will be able to extend their products and services to customers in the UK in compliance with local regulations.
Crypto.com CEO Kris Marszalek, noted that the newly obtained license is a significant feat for the organization. According to him, the UK market is strategically important for the exchange. He further stated that the timing is right, as the UK government is working towards making Britain a global center for crypto assets, technology, and investment.
In addition, Marszalek stated that the exchange is committed to the UK market. According to him, Crypto.com is ready to develop its platform and presence in the UK by expanding its products and services to customers while working together with local regulators.
Recall that in March, Crypto.com employed several senior officers in the UK. The exchange appointed a UK General Manager and a Global Head of Sustainability and ESG. According to BanklessTimes research, the UK appears considered a high potential market for cryptocurrency. The region witnessed a 650% rise in crypto adoption between 2018 and 2021.
Crypto.com and it’s expansion crusade
This development manifested a few days after the crypto exchange secured a regulatory license from Canada’s Ontario Security Commission (OSC). Reportedly, the license enables Crypto.com to offer services in line with Canada OSC law. According to the license, the exchange will partner with OSC to provide various crypto services to Canadians in compliance with the local regulations.
Crypto.com has continuously grown and expanded its operations across the ecosystem. Recently, it secured an in-principle approval from the Singapore Monetary Authority to operate as a virtual assets provider. These feats reportedly materialized despite the rigid regulations placed on retail trading in Singapore.
Similarly, the exchange secured an Electronic Financial Transaction Act and VASP in South Korea. It also obtained PnLink Co., a payment service provider, and Ok-BIT.Co., a virtual assets service provider. Crypto.com now functions as virtual and assets service provider in South Korea. Also, the exchange recently secured registration in Cyprus, Greece, Italy, and Cayman island.
Similarly, Crypto.com also partnered with a Canadian e-commerce provider, Shopify. The partnership remained geared toward incorporating crypto as a payment method across all Shopify outlets.