Crypto.com expands global reach with VASP registration in Spain
Crypto.com has secured a litany of regulatory licenses across various jurisdctions, including Singapore, Dubai etc.
Cryptocurrency exchange Crypto.com said in a June 23 announcement that it received a Virtual Asset Service Provider (VASP) registration from the Bank of Spain, allowing it to offer its products and services to users in the country.
The Singapore-based crypto platform stated that it underwent a “comprehensive review of its compliance with Anti-Money Laundering Directive (AMLD) and other financial crimes laws” before its registration was approved.
Kris Marszalek, Crypto.com CEO, described the VASP registration as the latest testament to the company’s “commitment to compliance and eagerness to work with regulators and public officials in responsibly advancing 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 providing users with the comprehensive, safe and secure crypto experience that they desire.”
The exchange further stated that the approval continues its regulatory license momentum, having received approval from regulators in other countries such as the United Kingdom, Singapore, South Korea, Australia, France, Dubai, Italy, Greece, Cyprus, and the Cayman Islands.
Meanwhile, the registration is coming in less than a few days after the exchange was accused of a potential conflict of interest with its operation of an internal trading team and a market maker on its platform.
However, Crypto.com reportedly said there was nothing to worry about as its internal market maker is treated like an external one.
Crypto exchanges prepare for MiCA
With the highly anticipated Markets in Crypto Assets (MiCA) regulations all but finalized, several crypto exchanges like Binance have been making moves in Europe to remain compliant with the law.
The EU website states that the MiCA law forms part of a broader digital finance package. This package seeks to develop a European approach that promotes technological advancement and guarantees financial stability and consumer protection.