Crypto.com gets UK regulatory approval

Representations of cryptocurrency Bitcoin are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration

LONDON, Aug 17 (Reuters) – Singapore-based cryptocurrency platform Crypto.com has registered with Britain's financial services regulator, the company said in a statement on Wednesday.

Crypto.com joined the Financial Conduct Authority's (FCA) register, which means it has approval to offer crypto asset services and products to customers in the United Kingdom.

The UK is a "strategically important market for us", said Crypto.com CEO Kris Marszalek, citing an increase in crypto adoption in the country and the government's agenda to make Britain a hub for crypto assets.

As authorities around the world are grappling with how to regulate the crypto sector, firms are racing to gain registration status with financial watchdogs.

The FCA has previously faced a backlash in the crypto sector after turning down registration applications from scores of crypto companies.

Crypto.com, which has 50 million customers globally, registered in South Korea last week and in Italy in July.

Reporting by Elizabeth Howcroft, editing by Sinead Cruise

Our Standards: The Thomson Reuters Trust Principles.

Source:www.reuters.com