El exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Crypto.com is registered with the UK financial regulator. This registration allows you to “certain cryptoasset a cryptoasset is any digital asset that uses cryptographic technologies to maintain its operation as a currency or decentralized application. activities”.
- Crypto.com registers with UK regulator
- The authorization is for “certain cryptoasset activities.”
- This approval follows others in Canada, Italy, South Korea, Singapore and other countries.
El exchange Crypto.com was registered with the UK financial regulator, the Financial Conduct Authority, FCA, as published yesterday.
The Singapore-based company, which serves more than 50 million customers, is now licensed as a cryptoasset business to perform “certain cryptoasset activities” in the UK, although it is not yet clear exactly what those activities entail, says Coindesk.
According to a press release from Crypto.com, registration will allow that exchange to offer a range of products and services to customers in the UK, in accordance with local regulations.
And Twitter, Crypto.com shared the news:
We are excited to share that we have received regulatory approval in another key global jurisdiction, this time from the UK’s Financial Conduct Authority (FCA). We will work hard to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. the UK’s vision of becoming a global crypto hub.
We’re excited to share that we’ve received regulatory approval in another key global jurisdiction, this time from the UK’s Financial Conduct Authority (FCA) ????????
We’ll work hard to support the UK’s vision to become a global crypto hub.
— Crypto.com (@cryptocom) August 17, 2022
Crypto.com and global regulation
It is worth noting that since its founding in 2016, Crypto.com has competed with other major exchanges including FTX y Binance, to consolidate its presence in international markets. In fact, to become better known has even, bought sports stadiums to name them after him.
Chief Executive Officer Kris Marszalek emphasized the commitment of Crypto.com with compliance by discussing previous agreements. Even so, the company has been one of those that has clashed with the British advertising regulatory authority over advertisements that were “misleading” .
In March, Crypto.com announced several high-level hires in the UK, including the appointment of a General Manager for the area and a Global Head of Sustainability. The UK is seen as a high-potential market an area or arena, online or offline, in which commercial dealings are conducted. for cryptocurrencies, following a 650% increase in adoption from 2018 to 2021, according to research from BanklessTimes.
Crypto.com has been gaining rights to operate in several countries. In June, it received approval in principle for a Major Payment Institution Licence from the Monetary Authority of Singapore, the provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority, the Electronic Financial Transactions Law and Registration of Virtual Assets Provider, the Dubai Virtual Assets Regulatory Authority, the Dubai Virtual Assets Authority and the Dubai Virtual Assets Regulatory Authority. virtual asset services in South Korea. It also obtained registration approval in Italy in Greece, in Cyprus, in the Cayman Islands, and a prior registration commitment with the Ontario Securities Administrators in Canada.
More employees laid off
Despite its global growth ambitions, Crypto.com has recently faced several hurdles. In June, Crypto.com laid off 5% of its workforce a total of 260 employees. Yesterday, Decrypt informó que Crypto.com was going through another round of layoffs. However, there is no precision of the number of employees affected.
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