Digital asset exchange – CryptoCom – has received regulatory approval from the Financial Conduct Authority (FCA) in the United Kingdom as a crypto-asset business.
On Wednesday, CryptoCom announced the latest registration and regulatory approval months after onboarding several senior officials in the UK, including the appointment of a UK General Manager and a Global Head of Sustainability and ESG.
The announcement highlighted UK’s crypto ecosystem and pointed out a 650% increase in adoption from 2018 to 2021.
Following the latest development, Kris Marszalek, Co-Founder and CEO of CryptoCom, said that the team is “committed to the UK market.” The focus is now on developing its platform and presence in the country by expanding digital asset offerings to customers while simultaneously working with regulators.
“This is a significant milestone for CryptoCom, 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.”
CryptoCom’s aggressive expansion comes as the crypto market as a whole remains largely stalled.
It claims to have more than 50 million customers across the world. In recent months, the platform has received in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore (MAS), provisional approval of its Virtual Asset License from Dubai’s regulatory watchdogs, Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea.
It also received a green light from regulators in Italy, Greece, Cyprus, the Cayman Islands, and Canada.
International expansion aside, CryptoCom said it had laid off 5% of its workforce during extreme market volatility in June this year. However, the real numbers were a lot higher, reports suggested.
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