Crypto.com is looking for fintech supremacy with regulatory approval from the Financial Conduct Authority in the UK as a cryptoasset business.
Announced today (17 August), Singapore-headquartered Crypto.com says the registration will enable it to offer products and services to customers in the UK, compliant with local regulations.
The cryptocurrency platform was founded in 2016 and has 50 million+ customers. It operates in the B2C and B2B sectors, and users can buy, sell and exchange crypto. The fintech firm must be making some money as it featured Matt Damon in an advert. Hollywood stars don’t come cheap.
While the “Fortune Favors the Brave” ad was designed to hunt for good will or crypto Elysium, Variety reported in June that Damon was mocked for this endeavour. Users across social media pointed out that if people had taken Damon’s advice to buy into cryptocurrencies at that time, the value of their holdings would have dropped roughly two-thirds.
Anyway, Crypto.com has shown true grit with its UK plans and was not put off by any derogatory comments.
- A busy day for crypto – read about ‘Digital FMI Consortium Powers Up for Crypto and CBDC Crusade’ here
“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,” says Kris Marszalek, Co-Founder and CEO of Crypto.com.
In March, Crypto.com announced several senior hires in the UK, including the appointment of a UK General Manager and a Global Head of Sustainability and ESG.
However, in June, Marszalek announced on Twitter that the company was “making targeted reductions of approximately 260 or 5% of our corporate workforce”.
The fintech company’s announcement today coincides with the launch of the Digital FMI Consortium today. The new group – standing for ‘Digital Financial Market Infrastructure (DFMI)’ – is the body behind Project New Era, the UK’s “first privately-led” Digital Sterling (dSterling) pilot, set to launch in the autumn.
It seems the crypto sector isn’t put off by any chaos or valuation falls. The price of Bitcoin stands at £19,686 – a fall of 34% over the last six months.
Away from the UK, Crypto.com is busy with its global plans.
This month it signed a Pre-Registration Undertaking with the Ontario Securities Commission in Canada, received registration and regulatory approval as a Virtual Asset Service Provider from the Cayman Islands Monetary Authority, and secured Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea via two acquisitions.
It also has registration in Italy from the Organismo Agenti e Mediatori, registration in Greece from the Hellenic Capital Market Commission and registration in Cyprus from the Securities and Exchange Commission.