The digital asset exchange Crypto.com has secured a license from Financial Conduct Authority (FCA) to operate in the UK. With this, Crypto.com has been given the nod for “certain cryptoasset activities” in the United Kingdom, after receiving registration confirmation from FCA on Tuesday.
As described by the FCA, crypto asset activities include exchanging crypto assets for money or money for crypto assets, or automating a machine to do so, and exchanging crypto assets for crypto assets. However, which activities Crypto.com is allowed to conduct remains unclear.
Additionally, as per entries under FCA’s Financial Services Register, FORIS DAX UK LIMITED has been registered to conduct certain crypto asset activities whilst also obtaining Money Laundering Regulation Status.
FORIS DAX UK LIMITED is now listed as a registered UK trading name for Crypto.com. There are limited details on the registration and the FCA are yet to comment on it.
However, the FCA website points out that businesses carrying on crypto asset activity in the UK must register to be compliant with money laundering, terrorist financing, and transfer of funds regulation.
As crypto remains a high-risk investment, the FCA also set new rules to tame misleading advertisements that are now official. On the other hand, Crypto.com has gained a regulatory license in South Korea after securing two local companies. This allows Crypto.com to access crypto and payment registration in the country.
