Crypto.com Receives a License to Operate in Spain
- Crypto.com has secured regulatory approval in countries like Greece, the UK, South Korea, Dubai, France, Italy, etc.
- The crypto exchange enjoyed remarkable success during the last bull market and gained mainstream attention through a couple of sporting partnerships.
The Bank of Spain has registered Singapore-based digital service provider Crypto.com as a virtual asset service provider. The new license enables the exchange to provide a number of cryptocurrency services to clients in Spain.
Like most EU-based countries, Spain has adopted a supportive stance toward cryptocurrencies, and Crypto.com is one of the growing list of exchanges to gain regulatory approval in the country.
Crypto.com said authorities approved its registration after conducting a “comprehensive review of its compliance with the Anti-Money Laundering Directive (AMLD) and other financial crime laws.” The license will enable the digital asset platform to operate without fear of violating local laws.
We're excited to share our latest regulatory achievement in Europe!
— Crypto.com (@cryptocom) June 23, 2023
We have obtained our Virtual Asset Provider Registration in Spain 🇪🇸🙌
Learn more:https://t.co/ZGmgE9n937 pic.twitter.com/fmkWt6npvK
Reacting to today’s news, Kris Marszalek, CEO of Crypto.com, said in a statement,
Receiving the VASP registration from the Bank of Spain is the latest testament to our commitment to compliance and eagerness to work with regulators and public officials to responsibly advance crypto and blockchain technology. We look forward to continuing to work with the Bank of Spain as we launch our products and services in-market and provide users with the comprehensive, safe, and secure crypto experience that they desire.
Spain is not the only country where Crypto.com has received regulatory approval. The crypto exchange has worked on improving its relationships with regulators over the past few months. Earlier this month, Crypto.com received a license for digital payment token services from the Monetary Authority of Singapore (MAS).
Aside from its registration in Singapore and Spain, Crypto.com has also secured a license as a Digital Asset Service Provider (DASP) from the Autorité des marchés Financiers (AMF) in France. It also has registration approval in the UK, Dubai, Australia, Italy, Greece, Cyprus, the Cayman Islands, and South Korea, among others.
Like most cryptocurrency businesses, Crypto.com prospered during the 2021 bull market, extending its presence into the mainstream market via multiple partnerships. Interestingly, the digital exchange platform hit the spotlight when it was awarded naming rights to Los Angeles’ renowned Staples Center, a venue that hosts a variety of public and sporting events.
The exchange, however, has since fallen from that level of commercial success due to the bear market.
The rise of crypto activities in Spain and Europe
The Bank of Spain reportedly set up a registry for cryptocurrency service providers in 2021. Interestingly, several crypto companies, such as Bitstamp, Binance, and banking service provider BNKH, have received regulatory approval from the agency.
Europe is seeing an increased number of crypto firms move to its shores. It appears that the European Union’s newly established Markets in Crypto Assets (MiCA) framework is the major bait for these companies.
MiCA is the first comprehensive guideline for crypto companies. Unlike the US, which has yet to roll out any piece of legislation for crypto companies, regulators in EU member nations like Spain will soon begin enforcing clear regulations and standards for digital service providers.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
