Crypto.com Acquires UK Registration For Crypto Asset Activities
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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 for cryptocurrency buying and selling structures, seeking regulatory clearance in Canada on Monday, and receiving approval as a Virtual Asset Service Provider in the Cayman Islands on August 11, the registration in the UK comes after those filings.
After purchasing fee provider "PnLink Co., Ltd." and digital asset provider "OK-BIT Co., Ltd." on August 8, the substitute also got registration under the Virtual Asset Service Provider and Electronic Financial Transaction Act in South Korea.