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Singapore-based cryptocurrency exchange service provider Crypto.com has received Virtual Asset Service Provider (VASP) registration with the Bank of Spain. The regulatory approval will allow the exchange to offer a range of cryptocurrency-focused services to clients in Spain, a country that has recently shown a positive stance towards cryptocurrencies.
A cryptocurrency exchange platform had to undergo extensive anti-money laundering directive (AMLD) compliance and other financial crime laws before being approved. The latest regulatory approval in Spain came within weeks of the receipt of a Major Payment Institution (MPI) license for digital payment token (DPT) services by the Monetary Authority of Singapore (MAS).
We’re excited to share our latest regulatory achievement in Europe!
We have obtained our Virtual Asset Provider Registration in Spain
Learn more: https://t.co/ZGmgE9n937 pic.twitter.com/fmkWt6npvK
— Crypto.com (@cryptocom) June 23, 2023
Chris Marsalek, CEO of Crypto.com, called his latest entry into the Spanish crypto market a testament to their “commitment to compliance”, adding:
“We look forward to continuing to work with the Bank of Spain as we launch our products and services on the market and provide users with the comprehensive, secure and reliable cryptocurrency experience they desire.”
The latest regulatory approval has helped the cryptocurrency exchange become a regulated platform in nearly a dozen countries. In addition to Spain, the company has received regulatory approval in Singapore, France, the UK, Dubai, South Korea, Australia, Italy, Greece, the Cayman Islands, as well as pre-registration with the Ontario Securities Commission and the Canadian Securities Administrators.
Related: Crypto.com Adds Pay Support for MATIC, USDC and DAI
Crypto.com, like most other crypto companies, prospered during the 2021-2022 bull market, expanding its partnership to mainstream and gaining regulatory approval in several jurisdictions. The platform made headlines when it secured the naming rights to the very famous Staples Center in Los Angeles. The Staples Center is a multifunctional arena that has hosted numerous public events, including boxing and basketball competitions.
However, with the advent of the bear market, the platform faced some business problems and a drop in demand, which led to the closure of its US institutional platform earlier this month.