Crypto.com Obtains License to Offer Services in the Netherlands

<p>Crypto.com has been licensed in the
Netherlands to provide cryptocurrency services; the exchange said in a
statement today (Friday). The license was awarded by the Dutch
central bank (DNB) after the company met the requirements of the law passed to prevent
money laundering and terrorism financing.</p><p>Crypto.com Expands Operations</p><p>The Netherlands is the latest country in Europe to
license the Singapore-based cryptocurrency exchange. The company was
awarded a Digital Asset Service Provider (DASP) license in France, while in the
UK, it operates on a crypto asset business license. Additionally, the exchange
is regulated in Italy, Greece, Cyprus, <a href="https://www.financemagnates.com/institutional-forex/cryptocom-eyes-expansion-in-europe-with-new-vasp-license-in-spain/" target="_blank">Spain</a>, South Korea, and
Australia. </p><p>Commenting about the licensing, Kris
Marszalek, the CEO of Crypto.com, said: "Collaborating with regulators to
responsibly advance the crypto and <a href="https://www.financemagnates.com/terms/b/blockchain/">blockchain</a> industry is of paramount
importance to Crypto.com. This approval from the central bank of
the Netherlands is a significant milestone for our business and the latest
testament to our commitment to compliance."</p><p>The Dutch central bank has since registered 36
cryptocurrency firms, including <a href="https://www.financemagnates.com/tag/coinbase/" target="_blank">Coinbase</a>, eToro, and Bitstamp. Although the
number is expected to increase, the Dutch regulator maintains a tough regulatory stance concerning crypto trading in the
country. </p><p>The Netherlands Regulates Crypto</p><p>DNB has in the past fined major cryptocurrency
exchanges, including Binance and Coinbase, millions of euros for allegedly
operating in the country without a license. Binance announced
in June that it was leaving the Netherlands after failing to obtain a virtual
asset service provider (VASP) license.</p><p>Laura van Geest, the Chair of the Executive Board of the Dutch Authority for the Financial Markets (AFM), said in May that
digital assets were vulnerable to deception and fraud. She added that
according to a survey by the AFM, the number of cryptocurrency traders in the
Netherlands was less than 2 million, and most traders invested 1,000
euros and rarely used borrowed money.</p><p>Cryptocurrency exchanges have recently been
racing to obtain licenses in Europe after the EU passed the <a href="https://www.financemagnates.com/cryptocurrency/mica-takes-off-eu-council-approves-crypto-law/" target="_blank">Markets in Crypto-Assets Regulation</a> (MiCA),
a set of regulations considered the most comprehensive in the sector. The MiCA
aims to protect investors of digital assets, promote environmental
sustainability, and prevent <a href="https://www.financemagnates.com/terms/m/money-laundering/">money laundering</a>.</p>

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