Crypto.com Eyes Expansion in Europe with New VASP License in Spain

<p>Cryptocurrency exchange Crypto.com has obtained a virtual
asset service provider (VASP) license from the Bank of Spain, the exchange announced
today (Friday). The license was issued after the platform met the requirements
on anti-money laundering regulations and other financial crimes laws.</p><p>"Receiving the VASP
registration from the Bank of Spain is the latest testament to our commitment
to compliance and eagerness to work with regulators and public officials in
responsibly advancing crypto and blockchain technology, commented Kris
Marszalek, the CEO of Crypto.com.</p><p>UK, France, Australia</p><p>Crypto.com has obtained
similar regulatory approvals in the UK, France, South Korea, Singapore, Italy,
and Australia, among several other regions. In Singapore, <a href="https://www.financemagnates.com/cryptocurrency/cryptocom-gains-singapore-license-gemini-eyes-the-uae/" target="_blank" rel="follow">the
exchange operates</a> on a
Major Payment Institution (MPI) license for Digital Payment Tokens (DPT) from
the Monetary Authority of Singapore (MAS).</p><p>The license was awarded
after the exchange received an in-principle license from the Singaporean
regulator in June 2022. Moreover, MAS granted Crypto.com a license for e-money
issuance, account issuance, and cross-border and domestic money transfer
services.</p><p>In the UK, Crypto.com is
licensed for crypto asset business by the <a href="https://www.financemagnates.com/terms/f/financial-conduct-authority-fca/">Financial Conduct Authority (FCA</a>),
while in France, the exchange operates a digital asset service provider (DASP)
license. Moreover, the Singapore-headquartered firm received a Minimal
Viable Product (MVP) Preparatory <a href="https://www.financemagnates.com/cryptocurrency/cryptocom-secures-dubai-presence-with-new-mvp-preparatory-license/" target="_blank" rel="follow">license
to offer</a> spot and
derivatives instruments of virtual assets.</p><p>Regulating Crypto</p><p>Crypto.com's acquisition
of a license in Spain comes at a time cryptocurrency exchanges are rushing to
obtain approvals in different jurisdictions. Rival exchange Gemini announced at
the beginning of June that it was seeking <a href="https://www.financemagnates.com/cryptocurrency/cryptocom-gains-singapore-license-gemini-eyes-the-uae/" target="_blank" rel="follow">to
launch operations</a> in
the UAE. According to the Winklevoss twins-owned exchange, residents in the UAE
were actively adopting cryptocurrencies, especially for use in making purchases.</p><p>Conversely, in the
United States, Crypto.com was forced to suspend its institutional exchange
services due to low demand and the prevailing market conditions, the company
said at the beginning of June. However, retail users still access the
exchange's derivatives trading services.</p><p>The US financial market
regulator, Securities and Exchange Commission (SEC), has recently stepped
up enforcement actions against digital asset platforms. Binance and Coinbase,
for instance, are facing charges brought against them by the regulator.</p>

This article was written by Jared Kirui at www.financemagnates.com.