Registration
In an important milestone for the cryptocurrency community, Crypto.com has officially announced the acquisition of its virtual asset service provider (VASP) registration from the Bank of Spain.
The registration enables Crypto.com to provide a wide variety of products and services to its Spanish user base, while strictly adhering to compliance measures including the anti-money laundering directive (AMLD) and other financial crime laws, ensuring robust user protection and security.
A Growing List of Regulatory Licenses for Crypto.com
Kris Marszalek, Crypto.com’s CEO, expressed their commitment to compliance and collaboration with regulatory bodies, following the successful acquisition of the VASP registration from the Bank of Spain.
This announcement adds to Crypto.com’s expanding list of regulatory licenses, including approvals from various authorities in Singapore, France, the UK, Australia, and Italy, among others.
The Bank of Spain’s Support for Cryptocurrency Adoption
In addition to granting Crypto.com VASP registration, the Bank of Spain has also been backing cryptocurrency adoption in other notable ways.
Earlier this year in January, they authorized a pilot program involving the issuance of euro-pegged digital tokens. The project, spearheaded by regulated fintech payments company MONEI, enables users to create their own euro stablecoins on the Ethereum and Polygon blockchains, with each token backed by real euros.
Crypto.com Pivoting to Europe Amidst U.S. Uncertainties
As the United States continues to demonstrate a tumultuous regulatory landscape, Crypto.com has taken the proactive step of suspending its institutional offering on the Crypto.com exchange in the U.S. as of June 21, 2023.
In the face of increasing uncertainty and exchanges withdrawing from the U.S., Crypto.com’s move could prompt other companies to focus their efforts in regions where the regulatory landscape is clearer and more conducive to crypto activities.
