Crypto.com secures UK registration for 'crypto-asset activities'

As defined by the FCA, "crypto-asset activity" includes anything that involves the exchange of a crypto for another or the exchange of crypto for fiat and vice versa.< /p> New

Digital asset exchange Crypto.com has just been given the green light for “certain crypto-asset activities” in the UK, after receiving confirmation of registration from the Financial Conduct Authority (FCA) on Tuesday .

According to an August 16 entry in the FCA's Financial Services Register, 'FORIS DAX UK LIMITED' has been registered to conduct "certain crypto-asset business", while also obtaining regulatory money laundering status money.

FORIS DAX UK LIMITED is listed as the UK registered trading name for Crypto.com.

Registration details are sparse at the time of writing and Crypto.com and the FCA have yet to comment, however, the FCA's website suggests that firms doing crypto asset business in UK must register to comply with money laundering, terrorist financing and transfer of funds regulations.

As defined by the FCA, crypto asset activity includes exchanging crypto assets for cash or money for crypto assets, or automating a machine to do so , and the exchange of crypto assets for crypto assets.

On the other hand, the FCA has also compiled a list of 248 UK companies that appear to be engaged in crypto asset business not registered with the FCA for anti-money laundering purposes.

Existing businesses in the UK needed to be registered with the FCA by 9th January 2021 in order to continue to operate, businesses that have applied but are still pending are granted a temporary recording.

The FCA has enforcement powers to investigate and impose financial penalties on companies that are not in compliance.

Crypto.com, a Singapore-based cryptocurrency exchange that operates globally with over 50 million users, has passed through regulatory milestones at breakneck speed lately.

Registration in the...