Crypto.com Gains Approval To Offer Crypto Services In Spain

On Friday, Singapore-based crypto trading platform, Crypto.com, announced that it has successfully secured registration as a Virtual Asset Service Provider from the Bank of Spain. The regulatory approval will allow the exchange to operate in the Spanish market and provide its services to clients in the country.

The company’s success comes shortly after it received approval for digital payment token (DPT) services from the Monetary Authority of Singapore.

Before registering as VASP, the firm underwent a comprehensive evaluation process. The purpose was to ensure the exchange followed the Anti-Money Laundering Directive rules and other laws related to financial crime.

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

CEO of Crypto.com, Chris Marszalek, showed his satisfaction with the latest VASP registration. He commented that entering the Spanish cryptocurrency market demonstrates the company’s commitment to complying with regulations.

Marszalek said:

“Receiving the VASP registration is a testament to our unwavering commitment to compliance and our dedication to collaborating with regulators and public officials.”

He also expressed his happiness about collaboration with the Bank of Spain, emphasizing that the company has successfully introduced its services and products to the Spanish market. Marszalek said the exchange aims to provide users with a safe, reliable, and comprehensive cryptocurrency experience.

Crypto.com Extends Its Presence

Gary Or, Kris Marszalek, Bobby Bao, and Rafael Melo launched Crypto.com in 2016. The exchange works across 3 continents, Asia, Europe, and America.

It has reached over 10 million clients in five years. In addition to cryptocurrency services, the firm also operates the DeFi wallet and the Crypto.com Visa card.

With the recent regulatory approval, the cryptocurrency exchange is now regulated in almost a dozen countries. Apart from Spain, the firm obtained registrations and approvals from regulatory bodies in the UK, South Korea, Italy, Dubai, Australia, and other countries.

Entering the Spanish market further expands Crypto.com’s user base and strengthens its global presence. The company continues establishing itself as a regulated and trusted platform, providing businesses and individuals with secure access to the crypto world.

Due to the rapid decline in the cryptocurrency market, the platform faced some business challenges and decreased demand. As a result, the company decided to shut down its institutional exchange service for US clients.