Crypto.com, a global digital asset gets the green flag waved in the UK. FORIS DAX UK LIMITED has been registered to perform “some cryptoasset operations,” according to a Tuesday entry in the FCA’s Financial Services Register, while also acquiring money laundering regulatory status.
Crypto.com‘s registered U.K. trading name is FORIS DAX UK LIMITED. At the time of writing, details on the registration were scant, and neither Crypto.com nor the FCA had responded.
However, according to the FCA website, enterprises engaged in digital asset activities in the UK must register in order to comply with money laundering, terrorism financing, and fund transfer regulations.
Crypto.com is granted permission for crypto assets exchange
Trading digital assets for cash, exchanging digital assets for cash, automating a machine to do so, and doing so are all seen by the FCA as kinds of digital asset activity.
For anti-money laundering purposes, the FCA has also developed a list of 248 U.K. companies that appear to be engaged in digital asset activities but are not registered with the FCA.
By January 9, 2021, existing firms in the UK had to be registered with the FCA in order to continue operating; those that had applied but were still waiting for their applications to be processed were given interim registration.
The FCA has enforcement authorities that allow it to look into and penalize businesses that are non-compliant. With more than 50 million customers worldwide, Singapore-based cryptocurrency exchange Crypto.com has recently been moving quickly to achieve regulatory goals.
The registration in the UK came after digital asset trading platforms filed preregistration documents on Monday for regulatory clearance in Canada and on August 11 for authorization as a supplier of virtual asset services in the Cayman Islands.
Following the purchase of payment service provider PnLink Co., Ltd. and virtual asset service provider OK-BIT Co., Ltd., the exchange also secured virtual asset service provider and Electronic Financial Transaction Act registration in South Korea on August 8.