According to the FCA, “cryptoasset activity” refers to exchanging one cryptocurrency for another or fiat currency.
After gaining a confirmation form from the Financial Conduct Authority (FCA) on Tuesday, the digital asset exchange Crypto.com has just received the go-ahead for “certain crypto asset activities” in the U.K.
FORIS DAX UK LIMITED has obtained money laundering regulatory status and has been registered to engage in “some cryptoasset operations,” according to a Tuesday entry in the FCA’s Financial Services Register.
When this article was written, there were few details regarding the registration, and neither Crypto.com nor the FCA responded. The FCA website, however, indicates that companies engaging in cryptocurrency asset activity in the U.K. must register to comply with laws governing money laundering, terrorism funding, and the movement of cash.
Crypto.com Secured Uk Registration:
According to the FCA, exchanging crypto assets for cash, cash for crypto assets, automating a computer to do so, and trading crypto assets for crypto assets are all considered forms of crypto asset activity.
For anti-money laundering purposes, the FCA has also developed a list of 248 U.K. companies that appear to be engaged in crypto asset activities but are not registered with the FCA.
By January 9, 2021, firms in the U.K. had to be registered with the FCA to continue operating; those who had applied but were still waiting for their applications to be processed were given interim registration.
The registration in the U.K. came after crypto trading platforms like crypto.com filed preregistration documents on Monday for regulatory clearance in Canada and on August 11 for authorisation as a provider of virtual asset services in the Cayman Islands.
With more than 50 million customers worldwide, Singapore-based cryptocurrency exchange Crypto.com has recently been moving quickly to achieve regulatory goals.