Singapore-based cryptocurrency exchange service provider Crypto.com has successfully obtained virtual asset service provider registration from the Bank of Spain. This regulatory approval enables the exchange to offer various crypto-focused services to customers in Spain, a country known for its positive stance on cryptocurrencies.
Prior to receiving the approval, the crypto exchange platform underwent a comprehensive review of its compliance with the Anti-Money Laundering Directive and other financial crimes laws. This recent regulatory clearance in Spain follows closely on the heels of Crypto.com acquiring a major payment institution license for digital payment token services from the Monetary Authority of Singapore.
Kris Marszalek, the CEO of Crypto.com, emphasized the company’s dedication to compliance and referred to their entry into the Spanish crypto market as a testament to this commitment. Marszalek expressed enthusiasm about collaborating with the Bank of Spain, as they launch their products and services in the market, providing users with a comprehensive, safe, and secure crypto experience.
With this latest regulatory approval, Crypto.com has now become a regulated platform in nearly a dozen countries. In addition to Spain, the company has obtained regulatory authorization in Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece, the Cayman Islands, and has a pre-registration undertaking with the Ontario Securities Commission and Canadian Securities Administrators.
While Crypto.com experienced significant growth and secured mainstream partnerships during the bullish cryptocurrency market of 2021-2022, the platform faced challenges and reduced demand during the subsequent bear market. As a result, they made the decision to close their institutional platform in the United States in early June.