Crypto.com Scores Functional License in UK to Provide ‘Certain Crypto Asset Services’

As per official documents, Crypto.com has been listed in the UK under the trading name ‘Foris Dax UK Ltd’.

By Radhika Parashar | Updated: 17 August 2022 15:45 IST

Crypto.com Scores Functional License in UK to Provide ‘Certain Crypto Asset Services’

Photo Credit: Pixabay/ Butti_s

UK has witnessed a 650 percent increase in crypto adoption from 2018 to 2021

Highlights

Crypto.com will be able to sell digital assets for fiat in UK
Crypto.com must promise compliance against crypto-related illicit deeds
Crypto.com has bagged similar licenses in UAE, Italy, South Korea

UK's Financial Conduct Authority (FCA) has given a nod to Crypto.com, as it seeks to expand its crypto-related business around the world. The Singapore-headquartered crypto exchange will use its license in the UK to provided services like exchanging digital assets for fiat or vice versa among others. The FCA is overseeing the expansion of the crypto and Web3 sector in the UK. Earlier this year, the government body had instructed existing crypto companies in the UK to register and promise compliance against illicit activities currently exploiting the crypto sphere.

“This is a significant milestone for Crypto.com, with the UK representing a strategically important market for us and at a time when the government is pushing forward with its agenda to make Britain a global hub for crypto asset technology and investment.” said Kris Marszalek, Co-Founder and CEO of Crypto.com said in a statement.

As per official documents, Crypto.com has been listed in the UK under the trading name ‘Foris Dax UK Ltd'.

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“This firm is registered for certain crypto asset activities. You may be able to complain about this firm to the Financial Ombudsman Service. If this firm goes out of business owing you money you may be able to claim compensation from the Financial Services Compensation Scheme (FSCS). However, this is not always the case and these organisations may not cover some of this firm's activities,” FSA's official post on the development read.

Crypto.com bagging an operational approval in the UK comes in the backdrop of the country, working on formulating and finalising the national crypto laws.

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) :gb:

We'll work hard to support the UK's vision to become a global crypto hub.

Full Details :point_down:https://t.co/0OWgJifa4p pic.twitter.com/0rFVcYkjvY
— Crypto.com (@cryptocom) August 17, 2022

In July, the UK Treasury invited the citizens to share their opinions on how regulators can make tax rules and financial amendments to its existing systems that fetch the best out of the crypto sector.

The UK is seen as a high-potential market for cryptocurrency, following a 650 percent increase in adoption from 2018 to 2021, the Crypto.com blog said citing data by research firm BanklessTimes.

Federal Reserve Issues Guidelines for Banks Considering Crypto Activities

Meanwhile, Crypto.com continues to add to its international operational licenses, which is started to acquire earlier this year.

Earlier this month, the exchange obtained the license as a virtual asset service provider in South Korea.

Back in July, the Organismo Agenti e Mediatori (OAM), the top financial regulator in Italy had approved the operations of Crypto.com in the country.

In June, the exchange also managed to secure provisional approval from Dubai's regulators to provide a variety of cryptocurrency services in the city.

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Further reading: Cryptocurrency, UK, Crypto Com

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More