After recently securing a key license in Singapore, Crypto.com is now getting the green light for Spain.
Singapore-based crypto exchange Crypto.com has received accreditation from the Central Bank of Spain as a virtual asset service provider. The regulatory approval allows the exchange to offer a range of different crypto services to clients in Spain.
The crypto exchange first had to ramp up its compliance with the current EU Anti-Money Laundering Directive, as well as comply with other Spanish financial crime laws, before being granted approval. The regulatory approval in Spain comes just weeks after the Monetary Authority of Singapore (MAS) acquired a key license for digital crypto payments.
Kris Marszalek, the CEO of Crypto.com, calls the entry into the Spanish crypto market “proof of his firm’s compliance,” adding:
“We look forward to continuing to work with the Central Bank of Spain as we bring our products and services to market and provide users with the comprehensive, safe and secure crypto experience they desire.”
The recent approval also means that the crypto exchange is now a regulated platform in nearly a dozen countries. In addition to Spain, the Company has received regulatory approval and pre-registration with the Canadian Securities and Exchange Commission in Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece and the Cayman Islands.
Like most other crypto companies, Crypto.com thrived during the 2021-2022 bull market by expanding its partnerships into the mainstream and gaining regulatory approval in multiple countries. The platform made headlines when it secured the naming rights to Los Angeles’ famed Staples Center, a multi-purpose arena that hosts numerous public events, including boxing matches and basketball games.
However, with the onset of the bear market, the platform faced certain business difficulties and a drop in demand, leading to the closure of its institutional platform in the United States in early June.
Picture Copyright: bizoon
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