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FCA Verifies Crypto.com’s “Crypto Assets” Registration

FCA Verifies Crypto.com's Crypto Assets Registration

Crypto.com has been granted permission to launch in the United Kingdom by the country’s financial regulator, the Financial Conduct Authority (FCA). Crypto.com’s registration with the Financial Conduct Authority (FCA) was recently accepted, and the company has since been able to offer some “crypto asset” services in the UK.

Crypto.com is listed as FORIS DAX UK LIMITED in the FCA’s Financial Trading Register.

There was a lack of information about other aspects of the registration, however, at the time of this writing.

The definition of crypto asset activity.

The Financial Conduct Authority (FCA) recognizes two types of crypto asset activities: buying and selling crypto assets and exchanging digital tokens. Meanwhile, the website for the authority makes clear that any and all businesses engaging in crypto activity in the UK must register with them. Money laundering, terrorist financing, and wire transfer laws are yet another area of regulation that must be followed.

The Financial Conduct Authority (FCA) has revealed a list of 248 companies operating in the United Kingdom that are engaged in cryptocurrency activities but are not registered with the FCA.

On January 9, 2021, businesses conducting cryptocurrency-related activities in the United Kingdom will be required to register with the agency. However, businesses who have applied but are still awaiting approval have been given provisional registration. The FCA, in its capacity as a regulator, is authorized by law to conduct inquiries into and levy fines against companies that violate its regulations.

The Globalization of Crypto.com


The cryptocurrency trading platform in Singapore caters to an international clientele of over 50 million. Approval from regulators is being sought in as many nations as possible at a rate never before witnessed.

As a result, the platform’s application for Canadian regulatory approval on Monday follows its registration in the United Kingdom on Tuesday. It also applied to become a virtual asset service provider in Cayman Island on August 11.

After acquiring South Korean payment service providers PnLink Co., Ltd. and OK-BIT Co., Ltd. on August 8, it registered as a virtual asset supplier in that country.

A major regulatory milestone has been reached by Crypto.com in its efforts to establish itself as a trusted marketplace for digital assets.

The CEO of Crypto.com, Kris Marszalek, has nothing but optimism for the company’s future. The chief executive officer thinks the firm has solid groundwork from which it may grow and prosper. The CEO also reaffirmed the importance of expanding into Europe.

It is important in other parts of the world, too, and the company’s continuous growth demonstrates its dedication to regulatory compliance and cooperation.

Only a few days after receiving similar license in Italy, Crypto.com received it last month in Cyprus.

Numerous Expenditures


As the cryptocurrency market crashed, many businesses had to lay off employees to keep expenses down and earnings up. To add to the personnel reduction, 5% of its employees left the company.

However, in contrast to rivals, the firm came under fire for its seemingly endless expenditures on marketing, branding, and sponsorships. It spends approximately $70 million a year on name rights despite cutting back on staff by the hundreds.

The Staples Center in Los Angeles will be renamed the “Crypto.com Arena” for $700 million.

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.