Crypto.com, a Singapore-based cryptocurrency platform, announced that it has registered with the U.K. Financial Conduct Authority. Successful registration means that the cryptocurrency platform is now cleared to offer crypto asset services and products to customers in the UK.
Crypto.com will operate in accordance with anti-money laundering and “terrorist” financing rules. Kris Marszalek, the company’s CEO, said that the United Kingdom is a “strategically important market for us.” He cited the increasing adoption of cryptocurrencies in the country and the government’s agenda to make the UK a hub for crypto assets and investments.
As elsewhere in the world, cryptoactivity in the U.K. is unregulated, meaning there is no compensation for consumers who lose their digital assets.
Already in 2022, more than $1 trillion has already been wiped off the global cryptocurrency market capitalization due to the decline in the value of cryptocurrencies.
Governments around the world are therefore taking active steps to regulate the highly volatile cryptocurrency market, a move that has been criticized for removing the anonymity for which the sector is widely known.
The sources for this piece include an article in Reuters.