LONDON: Singapore-based cryptocurrency network Crypto.com has registered with Britain's financial services regulator, Crypto.com said in a statement.
By becoming a member of the Financial Conduct Authority's (FCA) register, Crypto.com has obtained permission to provide services and goods relating to digital assets to consumers in the United Kingdom in accordance with laws against money laundering and "terrorist" financing.
According to Crypto.com CEO Kris Marszalek, the United Kingdom is a "strategically essential market for us" due to the country's growing cryptocurrency usage and the government's plans to turn it into a centre for digital assets. Companies are scrambling to register with financial watchdogs as governments around the world struggle with how to regulate the cryptocurrency sector. In the UK, there is no regulation of cryptocurrencies, and consumers who lose their digital assets are not reimbursed.
The FCA has already seen anger in the cryptocurrency industry as a result of rejecting registration requests from numerous crypto businesses.The watchdog stated last month that when it comes to cryptocurrencies, it will always be "hawkish regarding consumer protection."
According to CoinGecko data, the global cryptocurrency market capitalization has lost more than USD 1 trillion so far in 2022 as a result of major central banks raising interest rates and driving investors away from riskier investments. The website Crypto.com, which has 50 million users worldwide, registered last week in South Korea and in July in Italy.
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