Singapore-based cryptocurrency exchange service provider, Crypto.com, has achieved a significant milestone by obtaining a virtual asset service provider registration from the Bank of Spain. This regulatory approval positions the exchange to offer a wide range of crypto-focused services to customers in Spain, a country that has demonstrated a positive stance towards cryptocurrencies in recent times.
In order to receive the green light from the Bank of Spain, the exchange underwent a thorough review of its Anti-Money Laundering Directive compliance and ensured adherence to other financial crimes laws. This approval in Spain follows closely on the heels of the company’s acquisition of a major payment institution license for digital payment token services from the Monetary Authority of Singapore.
Kris Marszalek, CEO of the exchange, expressed the company’s dedication to compliance and regarded their entry into the Spanish crypto market as a testament to this commitment. Marszalek 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.”
With this latest regulatory approval, the crypto exchange solidifies its position as a regulated platform in nearly a dozen countries. Apart from Spain, the company has obtained regulatory nods in Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Brazil, Greece, the Cayman Islands, as well as a pre-registration undertaking with the Ontario Securities Commission and Canadian Securities Administrators.
Crypto.com Expanding Its Reach
Crypto.com, a prominent player in the crypto industry, experienced remarkable growth during the bullish period of 2021–2022. Leveraging the momentum of the market, the platform expanded its partnerships across mainstream sectors and secured regulatory approval in various jurisdictions. Their groundbreaking achievement came in the form of securing naming rights to the renowned Staples Center in Los Angeles—an iconic venue hosting a wide range of public events, from thrilling boxing matches to captivating basketball showdowns.
Nevertheless, as the market transitioned into a bearish phase, the exchange encountered its share of challenges and witnessed a decline in demand, prompting strategic adjustments. In a recent development, the platform made the difficult decision to shutter its institutional platform in the United States in early June.
The decision to close their institutional platform in the US stems from the need to adapt to the changing market dynamics and optimize their operations. By reallocating resources and focusing on their core offerings, the exchange aims to streamline their services and better align with evolving user demands.
While the closure of the institutional platform is indeed a setback, it presents an opportunity for the exchange to consolidate its position and recalibrate its strategies amidst market uncertainties. The company’s leadership remains committed to delivering innovative solutions and ensuring the continued growth of their platform.