Crypto.com has obtained regulatory approval from the Bank of Spain to operate as a virtual asset service provider in the country. This licence enables Crypto.com to offer a wide range of cryptocurrency-focused services to clients in Spain.
In order to obtain this approval, Crypto.com underwent a thorough assessment to ensure compliance with the Anti-Money Laundering Directive and other financial crime regulations.
Kris Marszalek, CEO of Crypto.com, emphasized the company’s commitment to compliance and expressed enthusiasm for collaborating with the Bank of Spain to launch their products and services. Marszalek noted that the company’s goal is to provide users with a comprehensive, secure, and reliable cryptocurrency experience in Spain.
This recent regulatory approval builds upon Crypto.com’s success in obtaining a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore, which was announced on June 1, 2023. This licence ensures that the company is fully compliant with Singaporean laws to operate within the country’s digital asset industry. The licence would enable the exchange to offer its Digital Payment Token (DPT) services in the country.
With the addition of Spain, Crypto.com now operates as a regulated platform in nearly a dozen countries. In addition to Singapore, the company has obtained regulatory approval in France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece, and the Cayman Islands. Crypto.com has also made a pre-registration commitment with the Ontario Securities Commission and the Canadian Securities Administrators.
Crypto.com experienced significant growth during the bullish market period of 2021-2022, allowing them to expand their presence in the mainstream market and successfully obtain regulatory approvals in multiple jurisdictions. The company also gained widespread recognition when it acquired the naming rights to the prestigious Staples Center in Los Angeles, a versatile arena that hosts various public events, including basketball and boxing championships.
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