Crypto.com, a prominent centralized crypto exchange, has faced challenges and recent closures, including its U.S. institutional business.
However, there is positive news for the exchange as it secures a regulatory license in Spain. The new license obtained from the Bank of Spain allows Crypto.com to offer its range of products and services to users in the country.
This development showcases Crypto.com’s commitment to compliance and collaboration with regulators, further advancing the adoption of crypto and blockchain technology.
Crypto.com has successfully obtained a Virtual Asset Service Provider (VASP) registration from the Bank of Spain, enabling the exchange to operate within the Spanish market.
To meet regulatory requirements, Crypto.com has diligently reviewed its compliance with financial crimes laws, including the Anti-Money Laundering Directive (AMLD), ensuring the safety and protection of its users.
Kris Marszalek, the CEO of Crypto.com, emphasizes the significance of receiving the VASP registration in Spain. He emphasizes the exchange’s commitment to compliance and collaboration with regulators, aiming to provide users with a comprehensive, secure, and compliant crypto experience.
Marszalek expresses eagerness to work closely with the Bank of Spain as Crypto.com launches its products and services in the Spanish market.
Obtaining the regulatory license in Spain follows Crypto.com’s recent acquisition of a similar license in Singapore. With existing licenses in countries like France, the UAE, and Cyprus, Crypto.com continues to expand its global footprint while ensuring compliance with local regulations.
Although the exchange recently closed its U.S. institutional business due to limited demand in the current market landscape, Crypto.com’s expansion into Spain demonstrates its commitment to serving new markets and catering to user needs.