Digital asset exchange Crypto.com has been given authority for the conducting of certain cryptocurrency asset based activities in United Kingdom (UK) after it received registration from the Financial Conduct Authority (FCA), as reported by Cointelegraph.
According to Cointelegraph, going by the FCA’s financial services register, Foris Dax Uk Limited, which is the registered UK trading name for Crypto.com, has received affirmation to go ahead with certain cryptocurrency asset activities, while obtaining money laundering regulation status. With details on the registration being less at the time of this publication’s writing, Crypto.com and FCA are yet to comment on it. The FCA website suggests that cryptocurrency activity carried by businesses in the UK must register to comply with money laundering, terrorist financing and transfer of funds regulations.
On the basis of information by Cointelegraph, as stated by the FCA, cryptocurrency activity includes exchanging cryptocurrency assets for money and the vice-versa. The norms also included exchanging cryptocurrency assets for cryptocurrency assets. Moreover, FCA has also complied with a list of 248 UK businesses which carry cryptocurrency activities that are not registered with the body for anti-money laundering purposes. UK’s existing businesses had to register with the FCA by January 9, 2021, for continuing their business operations. Businesses which have applied are still having their applications processed, and have been granted temporary registration. FCA carries the authority to investigate and impose financial penalties on companies which are not in compliance with the regulations.
Furthermore, Cointelegraph’s data noted that Crypto.com, a Singapore based cryptocurrency exchange with over global 50 million users, has been after regulatory milestones. UK’s registration is followed by preregistration filings for cryptocurrency trading platforms seeking regulatory approval in Canada, and approval as a virtual asset service provider in the Cayman Islands. Crypto.com is considered as a secure exchange within the digital asset market.
(With insights from Cointelegraph)