Singapore-based Crypto.com gets regulatory approval in UK

London: Singapore-based platform Crypto.com announced that it has received approval from the Financial Conduct Authority (FCA) of the United Kindgom as a crypto asset business.
Founded in 2016, the cryptocurrency platform says it serves more than 50 million customers globally. This registration will enable crypto.com to offer a suite of products and services to customers in the UK in compliance with local regulations.
The UK is seen as a high-potential market for cryptocurrency, following a 650 per cent increase in adoption from 2018 to 2021, Crypto.com said in a statement on Wednesday quoting a research by BanklessTimes.
"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." said Kris Marszalek, Co-Founder and CEO of Crypto.com.
"We are committed to the UK market and we look forward to developing our platform and presence in the UK further by expanding our offering to customers, while continuing to work with regulators," Marszalek added.
While cryptocurrency is fast emerging as an investment opportunity, concerns have been raised about the safety of such transactions. In some cases fears have also been expressed that in the absence of a proper regulatory mechanism crypto-transactions could be used by those involved in criminal activities. (ANI)