Singapore-based cryptocurrency exchange, Crypto.com, has achieved another significant milestone by obtaining a Virtual Asset Service Provider (VASP) license from the Bank of Spain. This regulatory license enables Crypto.com to offer its comprehensive range of crypto products and services to users in Spain, opening up new opportunities in the Spanish market.
The acquisition of the VASP registration demonstrates Crypto.com’s commitment to regulatory compliance and adherence to financial legislation, including anti-money laundering measures. The exchange underwent a rigorous evaluation process, showcasing its capability to safeguard user interests and align with Spain’s regulatory framework.
Kris Marszalek, the CEO of Crypto.com, expressed excitement about launching their products and services in the Spanish market, stating,
“We look forward to continuing to work with the Bank of Spain as we provide users with the comprehensive, safe, and secure crypto experience that they desire.”
Spain has shown growing interest in cryptocurrencies, with major institutions like Santander Bank launching educational initiatives to inform clients about digital assets. With this new license, Crypto.com is well-positioned to serve the needs of Spanish crypto enthusiasts and contribute to the country’s crypto market development.
Crypto.com’s commitment to compliance extends beyond Spain. The exchange has been actively obtaining licenses and authorizations from regulators worldwide. It has received a Major Payment Institution (MPI) certificate from Singapore’s Monetary Authority, a Digital Asset Service Provider (DASP) license from France’s AMF, and approval as a cryptocurrency business from the UK’s Financial Conduct Authority.
Crypto.com has made significant strides in the North American regulatory landscape, securing authorizations from the United States Commodity Futures Trading Commission as a Designated Contracts Market and a licensed Derivatives Clearing Organization.
Furthermore, Crypto.com’s efforts extend beyond the Asian and European markets. The exchange has also received approval as a cryptocurrency business from the UK’s Financial Conduct Authority and has obtained authorizations as a Designated Contracts Market and licensed Derivatives Clearing Organization from the United States Commodity Futures Trading Commission.
With its expanding portfolio of licenses and regulatory approvals, Crypto.com is solidifying its position as a trusted and compliant cryptocurrency exchange, ensuring a safe and secure environment for crypto users across multiple jurisdictions.
In contrast, Binance, another prominent cryptocurrency exchange, is facing challenges in obtaining licenses. In a recent development, the Australian regulator has canceled Binance’s license, which was requested by the exchange itself.
Following its recent cancellation of the license in Australia, Binance has now made the decision to withdraw from the Netherlands after being unable to obtain the necessary license to operate in the country. Furthermore, the exchange is currently facing an investigation by French authorities.
The investigation aims to assess Binance’s compliance with regulatory requirements and determine whether any violations have occurred. These developments highlight the challenges faced by Binance in navigating the regulatory landscape and meeting the stringent criteria set forth by different countries. The exchange’s withdrawal from the Netherlands and ongoing investigation in France underscore the increasing importance placed on regulatory compliance within the cryptocurrency industry.