Crypto.com, a cryptocurrency exchange service provider based in Singapore, has obtained a virtual asset service provider (VASP) registration from the Bank of Spain. This regulatory approval allows Crypto.com to offer a range of crypto-related services to customers in Spain, a country that has recently shown a positive attitude towards cryptocurrencies.
In order to secure this registration, Crypto.com had to undergo a comprehensive review of its compliance with the Anti-Money Laundering Directive and other financial crimes laws. This recent regulatory approval in Spain follows the acquisition of a major payment institution license for digital payment token services from the Monetary Authority of Singapore.
Kris Marszalek, the CEO of Crypto.com, sees this entry into the Spanish crypto market as a testament to the company’s commitment to compliance. He stated, “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.”
This approval in Spain adds to the list of countries where Crypto.com is a regulated platform. The company has obtained regulatory authorization in Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece, the Cayman Islands, and has a pre-registration agreement with the Ontario Securities Commission and Canadian Securities Administrators. This wide range of regulatory approvals demonstrates Crypto.com’s dedication to complying with the relevant laws and regulations in each jurisdiction it operates in.
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During the bull market of 2021-2022, Crypto.com experienced significant growth and success, expanding its partnerships into mainstream industries and obtaining regulatory approval in multiple jurisdictions. One notable achievement was securing the naming rights to the Staples Center in Los Angeles, a renowned venue for various public events. However, the recent bear market led to some challenges for the platform, including a decline in demand and business troubles.
As a result, Crypto.com made the decision to close its institutional platform in the United States in June. Despite this setback, the company remains focused on expanding its services and providing a secure and reliable crypto experience for its users.
The acquisition of the VASP registration in Spain is a significant milestone for Crypto.com. Spain has emerged as a favorable market for cryptocurrencies, with the government taking a positive approach towards their regulation. This approval allows Crypto.com to tap into the growing demand for crypto services in Spain and provide users with a trusted platform to trade and transact cryptocurrencies.
With regulatory approvals in multiple countries, Crypto.com demonstrates its commitment to operating within the framework of legal and regulatory requirements. By complying with AML and financial crimes laws, the platform ensures a safe and secure environment for its users, mitigating the risks associated with illicit activities and fraud in the crypto space.
Moving forward, Crypto.com plans to leverage the regulatory frameworks in place to expand its services and offerings in each country it operates in. The company aims to provide comprehensive and innovative crypto solutions that meet the evolving needs of its users while maintaining the highest standards of compliance and security.
In conclusion, Crypto.com’s recent acquisition of a VASP registration from the Bank of Spain allows the company to offer its crypto-related services in Spain. This regulatory approval further strengthens Crypto.com’s position as a regulated platform in multiple countries. With a commitment to compliance and security, Crypto.com aims to provide users with a safe and reliable crypto experience while expanding its presence in key markets around the world.
