Cryptocurrency exchange Crypto.com has obtained a virtualasset service provider (VASP) license from the Bank of Spain, the exchange announcedtoday (Friday). The license was issued after the platform met the requirementson anti-money laundering regulations and other financial crimes laws.
“Receiving the VASPregistration from the Bank of Spain is the latest testament to our commitmentto compliance and eagerness to work with regulators and public officials inresponsibly advancing crypto and blockchain technology, commented KrisMarszalek, the CEO of Crypto.com.
UK, France, Australia
Crypto.com has obtainedsimilar regulatory approvals in the UK, France, South Korea, Singapore, Italy,and Australia, among several other regions. In Singapore, theexchange operates on aMajor Payment Institution (MPI) license for Digital Payment Tokens (DPT) fromthe Monetary Authority of Singapore (MAS).
The license was awardedafter the exchange received an in-principle license from the Singaporeanregulator in June 2022. Moreover, MAS granted Crypto.com a license for e-moneyissuance, account issuance, and cross-border and domestic money transferservices.
In the UK, Crypto.com islicensed for crypto asset business by the Financial Conduct Authority (FCA ),while in France, the exchange operates a digital asset service provider (DASP)license. Moreover, the Singapore-headquartered firm received a MinimalViable Product (MVP) Preparatory licenseto offer spot andderivatives instruments of virtual assets.
Regulating Crypto
Crypto.com’s acquisitionof a license in Spain comes at a time cryptocurrency exchanges are rushing toobtain approvals in different jurisdictions. Rival exchange Gemini announced atthe beginning of June that it was seeking tolaunch operations inthe UAE. According to the Winklevoss twins-owned exchange, residents in the UAEwere actively adopting cryptocurrencies, especially for use in making purchases.
Conversely, in theUnited States, Crypto.com was forced to suspend its institutional exchangeservices due to low demand and the prevailing market conditions, the companysaid at the beginning of June. However, retail users still access theexchange’s derivatives trading services.
The US financial marketregulator, Securities and Exchange Commission (SEC), has recently steppedup enforcement actions against digital asset platforms. Binance and Coinbase,for instance, are facing charges brought against them by the regulator.
Cryptocurrency exchange Crypto.com has obtained a virtualasset service provider (VASP) license from the Bank of Spain, the exchange announcedtoday (Friday). The license was issued after the platform met the requirementson anti-money laundering regulations and other financial crimes laws.
“Receiving the VASPregistration from the Bank of Spain is the latest testament to our commitmentto compliance and eagerness to work with regulators and public officials inresponsibly advancing crypto and blockchain technology, commented KrisMarszalek, the CEO of Crypto.com.
UK, France, Australia
Crypto.com has obtainedsimilar regulatory approvals in the UK, France, South Korea, Singapore, Italy,and Australia, among several other regions. In Singapore, theexchange operates on aMajor Payment Institution (MPI) license for Digital Payment Tokens (DPT) fromthe Monetary Authority of Singapore (MAS).
The license was awardedafter the exchange received an in-principle license from the Singaporeanregulator in June 2022. Moreover, MAS granted Crypto.com a license for e-moneyissuance, account issuance, and cross-border and domestic money transferservices.
In the UK, Crypto.com islicensed for crypto asset business by the Financial Conduct Authority (FCA ),while in France, the exchange operates a digital asset service provider (DASP)license. Moreover, the Singapore-headquartered firm received a MinimalViable Product (MVP) Preparatory licenseto offer spot andderivatives instruments of virtual assets.
Regulating Crypto
Crypto.com’s acquisitionof a license in Spain comes at a time cryptocurrency exchanges are rushing toobtain approvals in different jurisdictions. Rival exchange Gemini announced atthe beginning of June that it was seeking tolaunch operations inthe UAE. According to the Winklevoss twins-owned exchange, residents in the UAEwere actively adopting cryptocurrencies, especially for use in making purchases.
Conversely, in theUnited States, Crypto.com was forced to suspend its institutional exchangeservices due to low demand and the prevailing market conditions, the companysaid at the beginning of June. However, retail users still access theexchange’s derivatives trading services.
The US financial marketregulator, Securities and Exchange Commission (SEC), has recently steppedup enforcement actions against digital asset platforms. Binance and Coinbase,for instance, are facing charges brought against them by the regulator.
