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The crypto industry continues to navigate the challenges posed by regulatory bodies worldwide. Singapore-based cryptocurrency exchange Crypto.com has been quite steadfast in its expansion efforts. In an official blog post, the exchange announced that it has acquired a Virtual Asset Service Provider (VASP) registration from the Bank of Spain. The VASP registration allows it to operate in Spain.
We’re excited to share our latest regulatory achievement in Europe!
We have obtained our Virtual Asset Provider Registration in Spain 🇪🇸🙌
Learn more:https://t.co/ZGmgE9n937 pic.twitter.com/fmkWt6npvK
— Crypto.com (@cryptocom) June 23, 2023
This VASP registration empowers Crypto.com to offer its wide range of products and services to users in Spain, opening up exciting new opportunities for the platform. By entering the Spanish market, the company aims to meet the growing demands of crypto enthusiasts in the country. Kris Marszalek, CEO of Crypto.com, expressed his enthusiasm, stating,
“We look forward to continuing to work with the Bank of Spain as we launch our products and services in-market and providing users with the comprehensive, safe, and secure crypto experience that they desire.”
Spain holds tremendous potential as a crypto-friendly market. In a recent initiative, Santander Bank, a major Spanish banking giant, launched an educational series called “Digital Assets 101” on its website to educate clients about cryptocurrencies, demonstrating a growing interest in the sector.
Crypto.com underwent a rigorous evaluation process to ensure strict compliance with the Anti-Money Laundering Directive (AMLD) and other financial crime regulations. It also had to demonstrate user protection measures aligned with the regulatory framework of the region. Marszalek emphasized their commitment to compliance, stating,
“Receiving the VASP registration from the Bank of Spain is the latest testament to our commitment to compliance and eagerness to work with regulators and public officials in responsibly advancing crypto and blockchain technology.”
Crypto.com Approval in Other Countries
Crypto.com’s efforts to obtain regulatory licenses and approvals extend beyond Spain. The company has obtained a Major Payment Institution (MPI) license for Digital Payment Token (DPT) and an MPI for e-money issuance, account issuance, as well as cross-border and domestic money transfer services from the Monetary Authority of Singapore.
Additionally, Crypto.com has been registered as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France and received registration approval as a crypto asset business from the UK Financial Conduct Authority (FCA).
The exchange’s regulatory progress extends to Europe, Asia, and North America. It has been approved as a U.S. Commodity Futures Trading Commission (CFTC) regulated Derivatives Clearing Organization (DCO) and Designated Contracts Market (DCM).
Furthermore, Crypto.com has committed to pre-registration with the Ontario Securities Commission and the Canada Securities Administrators.
In addition, the company has regulatory approvals in South Korea, where it has obtained Electronic Financial Transaction Act and Virtual Asset Service Provider registration. In Australia, the company is registered as a Digital Currency Exchange Provider and Independent Remittance Dealer with AUSTRAC. The platform has also received registration in several other countries, including Italy, Greece, Cyprus, and the Cayman Islands.
Crypto.com’s recent achievements in obtaining regulatory licenses and approvals showcase its dedication to expanding its services and offerings while maintaining compliance with regulatory requirements in various jurisdictions.
The platform’s ongoing pursuit of regulatory approval worldwide underscores its position as a serious player in the cryptocurrency industry.
Alongside Crypto.com, Gemini, another prominent crypto exchange, recently announced its growth strategy in the Asia-Pacific region, with Singapore as its operational hub. Furthermore, the company plans to establish an engineering facility in India, emphasizing the increasing importance of the region in the global crypto landscape.
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