The cryptocurrency platform Crypto.com recently received approval from the British financial regulator to issue electronic money. This permission, granted by the Financial Conduct Authority (FCA) of the United Kingdom, is an Electronic Money Institution (EMI) license. Previously, in August last year, Crypto.com was already registered by the authorities as a provider of crypto assets.
The EMI license opens up new opportunities for the company: it allows the issuance and management of electronic money, as well as expanding the range of financial services offered. This enables Crypto.com to offer more products in the UK, in line with local regulatory requirements.
Crypto.com's CEO, Kris Marszalek, emphasized the importance of the UK as a key market and expressed readiness to collaborate with the FCA to promote responsible innovations in the field of cryptocurrencies.
Additionally, Crypto.com had previously obtained a Virtual Asset Service Provider (VASP) license in Dubai, indicating its expanding global presence.
In the context of the UK's crypto market, new legislative norms concerning the marketing of digital assets came into effect in early October. These rules require companies dealing with cryptocurrencies to inform consumers about potential risks, thereby improving market transparency. Major platforms such as OKX and Binance have already announced their intention to comply with these updated requirements.
Furthermore, British parliamentarians are calling for the regulation of the non-fungible token (NFT) market, pointing to potential threats to intellectual property rights and risks associated with fan tokens. Some politicians even propose banning the latter.
