Crypto.com announced today that it has received regulatory authorization from the UK’s Financial Conduct Authority (FCA) to operate as a crypto firm.
The exchange is registered as FORIS DAX UK LIMITED, according to the FCA filing. With this license, the company is also in compliance with local anti-money laundering (AML) requirements.
Kris Marszalek, CEO and co-founder of Crypto.com, said in the official announcement: “We are committed to the UK market and we look forward to developing our platform and presence in the UK further by expanding our offering to customers, while continuing to work with regulators.”
Despite making inroads into the UK, the crypto firm has also had to execute hefty layoffs amid the latest downturn. In June, the firm announced cuts of 5%, or roughly 260 individuals, citing market conditions.
The United Kingdom is embracing cryptocurrency.
The United Kingdom has recently been enthusiastic on cryptocurrency, and Crypto.com’s acceptance is simply another example. The exchange’s CEO remarked that “the government [UK] is pressing forward with its ambition to make Britain a worldwide centre for crypto asset technology and investment.”
The government lay the groundwork for its aim to become a centre for crypto tech and innovation in April.
Former UK Chancellor of the Exchequer Rishi Sunak expressed interest in investigating stablecoins, crypto, and blockchain technology in order to provide the country a “forward-thinking attitude.”
The All Party Parliamentary Group was founded to look into how to properly regulate bitcoin, with an emphasis on “how the UK can deliver on this ambition” to become an industry hub.