Crypto.com secures yet another license.
Crypto.com, the Singapore-based crypto exchange service, has secured a significant stride in Spain, reinforcing its position in the global cryptocurrency landscape.
The cryptocurrency exchange has been granted a Virtual Asset Service Provider (VASP) registration by the Bank of Spain, enabling it to offer its crypto services to Spanish clientele.
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To secure the approval, Crypto.com underwent a thorough examination of its compliance with the Anti-Money Laundering Directive (AMLD) and conformed to several other laws related to financial crimes.
The Spanish authorization follows the approval from the Monetary Authority of Singapore (MAS) in giving Crypto.com a major payment institution (MPI) license for digital payment token (DPT) services.
In the words of Crypto.com's CEO, Kris Marszalek, the company's debut in Spain's crypto market signals the company's unwavering commitment to compliance. In particular, Marszalek noted:
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.
Crypto.com's recent approval aids in solidifying its position as a regulated platform in around a dozen countries worldwide. Besides Spain, the company has gained regulatory approval in several countries, such as France, the United Kingdom, Dubai and Brazil.
Furthermore, it has filed for pre-registration with the Ontario Securities Commission and the Canada Securities Administrators.
However, apart from the firm's global expansions, some things in its operations are raising questions. Recently, the news broke that the crypto exchange runs proprietary trading and market-making teams, earning the company a profit through its own services.
Crypto.com's recent approval from the Bank of Spain marks a significant milestone in its global expansion, signifying the firm's continuous commitment to compliance and the global acceptance of cryptocurrencies.
