The Bank of Spain has approved Singapore-based crypto exchange service provider Crypto.com as a cryptocurrency service provider. 

The regulatory license enables the exchange to provide a selection of cryptocurrency-focused services to clients in Spain, a nation that has adopted a supportive stance towards cryptocurrencies.

Before receiving approval, the cryptocurrency exchange platform had to thoroughly assess how it complied with other financial crimes statutes and the Anti-Money Laundering Act.

The most recent regulatory permission in Spain comes shortly after obtaining a large payment institution license from the Monetary Authority of Singapore for the use of digital payment token services.

CEO of Crypto.com Kris Marszalek described the company’s arrival into the Spanish cryptocurrency industry as evidence of its “commitment to compliance.”

Spain provides regulatory license to Crypto.com

Kris further added, “We are excited to partner with the Bank of Spain as we introduce our products and services to the marketplace and give users the complete, secure, and safe crypto experience they want.”

The cryptocurrency exchange is now an authorised platform in almost a dozen countries according to the most recent regulatory approval. Besides Spain, the company has received regulatory approval from Italy, Singapore, the United Kingdom, the Cayman Islands, Dubai, France, Australia, Greece and South Korea. 

The firm also has a pre-registration undertaking with the Canadian Securities Administrators and the Ontario Securities Commission.

During the bull market of 2021–2022, Crypto.com, like the majority of other cryptocurrency businesses, prospered, expanding its alliances into mainstream markets and receiving regulatory approval across a number of nations. 

Apart from this, the platform gained popularity when it was awarded naming rights to Los Angeles’ renowned Staples Centre, a multifunctional venue that hosts a variety of public events, including basketball and boxing championships.

However, the onset of the bear market brought about certain business issues and a decline in demand, which forced the platform to close its institutional portal in the US later in June.

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Filed under: Bitcoin - @ June 24, 2023 9:11 am