Singapore-based cryptoasset trader Crypto.com has become the latest firm to receive regulatory approval from the UK’s Financial Conduct Authority (FCA).
The international crypto startup, which made headlines with its polarising adverts featuring Hollywood’s Matt Damon claiming that “fortune favours the brave”, announced a number of UK hires back in March as it sought to expand into the country.
“This is a significant milestone for Crypto.com, with the UK representing a strategically important market for us and at a time when the government is pushing forward with its agenda to make Britain a global hub for crypto asset technology and investment,” said Kris Marszalek, co-founder and CEO of Crypto.com.
“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.”
Crypto.com has also been granted regulatory approval of varying degrees in Singapore, Italy, Dubai, South Korea, Greece, Cyprus, and the Cayman Islands. It is also currently in the pre-registration process in Canada.
Regulator favours financial crime controls
The FCA currently regulates the UK cryptoasset industry in a limited form. The government has yet to iron out a full regulatory policy, so cryptoassets remain largely unregulated.
Despite this, the FCA is still able to regulate crypto firms under the anti-money laundering regulations, which were amended in 2017.
To be granted regulatory approval, the FCA has to assess an applying firm’s financial crime prevention measures, and if they are deemed acceptable, the company can be added to the approval register.
Just under 40 firms are currently on the FCA’s crypto register, including eToro, Gemini, and Bitpanda. The financial watchdog previously set a deadline that granted extensions for crypto firms to register or cease UK operations.
Temporary approval was granted to 12 companies that were unable to meet the initial deadline.
As of today, all but one of the firms placed on the temporary register have either withdrawn their application or been approved by the regulator. The last company on the temporary register is Revolut.