Singaporean-based cryptocurrency exchange, CryptoCom recently announced that it had received regulatory approval from the United Kingdom Financial Conduct Authority (FCA). This development will allow the trading platform to offer products and services to its customers in the U.K.
The leading crypto platform announced the news on Twitter, stating that it will work hard to support the U.K’s vision to become a global crypto hub.
Kris Marszalek, the CEO and Co-Founder of the Singapore-based firm, addressed the update, saying that the new registration marks a significant milestone as the U.K. represents a strategically important market for the exchange.
“This registration will enable Crypto.com to offer a suite of products and services to customers in the UK, compliant with local regulations.”
Bankless Times’ recent research showed that the U.K. market had significantly grown, with a 650% increase in adoption from 2018 to 2021. The latest approval aligns with the company’s mission to expand its global business offerings.
Earlier this year, the exchange increased its workforce with several hires in the U.K., including the appointment of a U.K General Manager and Global Head of Sustainability and ESG.
CryptoCom Continues to Dominate Europe and Asia
The company had earlier obtained operational licenses from the Dubai Virtual Assets Regulatory Authority (VARA), which was recently established to regulate the use of cryptocurrencies in the region.
CryptoCom has also received approval from the governments of South Korea, Singapore, and the Cayman Islands in Cyprus, among others.
According to the CryptoCom following regulators authorised the exchange recently:
“Virtual Asset License from the Dubai Virtual Assets Regulatory Authority, Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea, registration in Italy from the Organismo Agenti e Mediatori (OAM), registration in Greece from the Hellenic Capital Market Commission, registration in Cyprus from the Securities and Exchange Commission, regulatory approval from the Cayman Islands Monetary Authority, and a pre-registration undertaking with the Ontario Securities Administration in Canada.”