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Crypto.com said it received approval from the UK’s Financial Conduct Authority to be registered as a cryptoasset service provider in the country, a key step to expanding operations there.
The FCA’s registration process, made permanent in April after two years of employing a temporary regime, requires crypto companies to meet the same anti-money laundering standards as other financial services firms. The FCA has so far approved 37 of more than 100 crypto companies that applied for permanent registration.
Kris Marszalek, Crypto.com’s chief executive officer, said in a statement that the UK has become a “strategically important market” for the firm, after former Chancellor of the Exchequer Rishi Sunak helped champion a push to become a crypto hub.
The UK has prioritized legislation to regulate the stablecoin sector following the collapse of the TerraUSD token in May, as well as legal reform on the ownership of cryptoassets.
The FCA’s official register of cryptoasset businesses did not show Crypto.com’s name on Wednesday morning local time. A spokesperson for the FCA didn’t immediately respond to a request for comment.
Read more: Brexit Becomes Key Part of UK’s Pitch to Win Back Crypto Firms
Among the businesses to have received FCA registration are rival crypto exchanges Gemini, Kraken and eToro. Firms including Copper Technologies Ltd., B2C2 and Wirex have opted to get regulatory approval overseas after their UK applications were either unsuccessful or voluntarily withdrawn.
Crypto.com, which says it has more than 50 million customers globally, hired a general manager for its UK operations in March. It holds other registrations and provisional approvals in countries including Singapore, Dubai, South Korea and Italy.
