Crypto.com has recently obtained regulatory approval in Singapore, receiving a MPI license from local regulators. This approval follows closely after the latest regulatory clearance obtained by the crypto exchange.
Crypto.com, a cryptocurrency exchange service provider based in Singapore, has received a virtual asset service provider (VASP) registration from the Bank of Spain.
This regulatory approval enables the exchange to offer various crypto-related services to customers in Spain. The country has demonstrated a favorable stance towards cryptocurrencies in recent times.
Before receiving regulatory approval, the crypto exchange platform underwent a thorough evaluation of its compliance with Anti-Money Laundering Directive (AMLD) and other financial crimes laws.
Shortly after obtaining a significant license for digital payment token (DPT) services from the Monetary Authority of Singapore (MAS), the exchange has now secured the latest regulatory approval 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
Kris Marszalek, the CEO of Crypto.com, expressed that their recent entry into the Spanish crypto market demonstrates their dedication to compliance.
He further mentioned that they are eager to collaborate with the Bank of Spain as they introduce their products and services in the market. Marszalek emphasized their goal of providing users with a comprehensive, safe, and secure crypto experience that meets their needs and expectations.
Thanks to the recent regulatory approval, the crypto exchange has now become a regulated platform in nearly twelve countries. Alongside Spain, the firm has received regulatory clearance in countries such as Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece, the Cayman Islands, and has also taken a pre-registration step with the Ontario Securities Commission and Canada Securities Administrators.
Like many other crypto businesses, Crypto.com experienced significant growth during the bullish market of 2021-22. It successfully expanded its partnerships into mainstream industries and obtained regulatory approval in various jurisdictions.
One notable achievement was securing the naming rights to the renowned Staples Center in Los Angeles. The Staples Center is a versatile venue known for hosting a wide range of public events, including boxing matches and basketball games.
However, as the market transitioned into a bearish phase, Crypto.com encountered business challenges and experienced a decline in demand. Consequently, the platform made the decision to shut down its institutional platform in the United States earlier this month.
Important:Â This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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