Singapore based cryptocurrency exchange service provider Crypto.com has obtained a virtual asset service provider (VASP) registration from the Bank of Spain. The regulatory approval would allow the exchange to offer a range of crypto-focused services to customers in Spain, a country which has shown a positive crypto stance in recent times.
The crypto exchange platfrom had to undergo a comprehensive review of its Anti-Money Laundering Directive (AMLD) compliance and adhere to other financial crimes laws before getting the nod. The latest regulatory approval in Spain comes within weeks of obtaining a major payment institution (MPI) license for digital payment token (DPT) services by the Monetary Authority of Singapore (MAS).
Kris Marszalek, CEO of Crypto.com called its latest entry into the Spanish crypto market a testimony of their “commitment to compliance” while adding:
“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.”
The latest regulatory approval helped the crypto exchange become a regulated platform in nearly a dozen countries. Apart from Spain, the firm has obtained regulatory nod in Singapore, France, United Kingdom, Dubai, South Korea, Australia, Italy, Greece, Cayman Islands, and a pre-registration undertaking with Ontario Securities Commission and Canada Securities Administrators.
Crypto.com like most other crypto businesses, thrived during the 2021-22 bull market, expanding its partnerships into the mainstream and obtaining regulatory approval in multiple jurisdictions. The platfrom made headlines when it obtained naming rights to the very famous Staples Center in Los Angeles. The Staples Center is a multi-purpose arena that has been home to numerous public events including boxing and basketball competitions, as
However, with the advent of the bear market, the platform faced certain business troubles and a fall in demand leading to the closure of its institutional platform in the United States earlier this month.