Crypto.com has been given the green-light for certain crypto asset activities in the United Kingdom, after receiving registration confirmation from the Financial Conduct Authority.
The FCA’s Financial Services Register, ‘FORIS DAX UK LIMITED’ has been registered to conduct “certain crypto asset activities”, whilst also obtaining Money Laundering Regulation Status. FORIS DAX UK LIMITED is listed as the registered UK trading name for Crypto.com.
Details on the registration are limited while Crypto.com and the FCA are yet to comment on it, however, the FCA website suggests that businesses carrying on crypto asset activity in the UK must register to be compliant with money laundering, terrorist financing and transfer of funds regulations.
As defined by the FCA, crypto asset activity includes exchanging crypto assets for money or money for crypto assets, or automating a machine to do so, and exchanging crypto assets for crypto assets. On the other hand, the FCA has also compiled a list of 248 UK businesses that appear to be carrying on crypto asset activity that is not registered with the FCA for anti-money laundering purposes.
Existing businesses in the UK were required to be registered with the FCA by 9 January 2021 in order to continue carrying on their business, with businesses that have applied but are still having their applications processed being granted temporary registration.
