Crypto.com Acquires UK Registration For Crypto Asset Activities

Following confirmation of its registration by the Financial Conduct Authority (FCA) on Tuesday, Crypto.com received the green signal for “some crypto asset activities” inside the United Kingdom. On August 16, in the FCA’s Financial Services Register, “FORIS DAX UK LIMITED” was registered to conduct “some crypto asset operations” and obtained Money Laundering Regulation Status. Crypto.com’s UK registered trading name is FORIS DAX UK LIMITED. Financial Conduct Authority (FCA) As per the FCA, the conversion of cryptocurrency into money or vice versa and the exchange of cryptocurrency for cryptocurrency are all examples of crypto asset activity. Meanwhile, the FCA has also developed a list of 248 UK organizations that appear to be engaging in crypto asset activities but haven’t registered with the FCA to combat money laundering. Through January 2021, existing organizations in the UK had to be registered with the FCA to continue their operations. However, implemented organizations still have their programs handled by being given expedited registration. The Financial Conduct Authority (FCA) has enforcement powers allowing it to analyze and impose monetary consequences on groups that are not in compliance. Crypto.com’s Global Operation With more than 50 million users worldwide, Crypto.com, a Singapore-based cryptocurrency exchange, has recently been moving quickly toward regulatory milestones. Following pre-registration submissions f...