Singapore-based cryptocurrency exchange service provider Crypto.com has obtained a virtual asset service provider registration from the Bank of Spain. The regulatory approval allows the exchange to offer a range of crypto-focused services to customers in Spain, a country that has recently taken a positive approach to crypto.
The crypto exchange platform had to comprehensively review its Anti-Money Laundering Directive compliance and adhere to other financial crimes laws before getting the nod. The latest regulatory approval in Spain comes within weeks of acquiring a major payment institution license for digital payment token services from the Monetary Authority of Singapore.
Kris Marszalek, the CEO of Crypto.com, called its entry into the Spanish crypto market a testimony of its “commitment to compliance,” adding:
“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 latest regulatory approval means the crypto exchange is a regulated platform in nearly a dozen countries. Apart from Spain, the firm has obtained regulatory nod in Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece, the Cayman Islands, and a pre-registration undertaking with the Ontario Securities Commission and Canadian Securities Administrators.
Crypto.com, like most other crypto businesses, thrived during the 2021–2022 bull market, expanding its partnerships into the mainstream and obtaining regulatory approval in multiple jurisdictions. The platform made headlines when it received naming rights to the famous Staples Center in Los Angeles, a multipurpose arena home to numerous public events, including boxing and basketball competitions.
However, with the advent of the bear market, the platform faced certain business troubles and a fall in demand, leading to the closure of its institutional platform in the United States earlier in June.