Crypto.com approved by Bank of Spain for Crypto Services

• Crypto.com gains regulatory approval from the Bank of Spain, expanding its crypto services in Spain
• The company’s strong compliance efforts lead to global recognition and expansion
• Despite market challenges, Crypto.com remains committed to secure and compliant cryptocurrency services worldwide

Crypto.com, a prominent cryptocurrency exchange service provider based in Singapore, has achieved a significant milestone in its global expansion efforts. The company has obtained a virtual asset service provider registration from the Bank of Spain, allowing it to offer a wide range of crypto-focused services to customers in Spain. This regulatory approval comes at a time when Spain has taken a positive approach towards cryptocurrencies, signalling a growing acceptance and recognition of the digital asset industry.

In order to secure this registration, Crypto.com underwent a thorough review of its compliance with the Anti-Money Laundering Directive and other financial crimes laws. The company had to demonstrate its commitment to implementing robust measures to prevent money laundering and other illicit activities within its platform. By meeting the necessary requirements set by the Bank of Spain, Crypto.com has positioned itself as a trusted and compliant crypto service provider in the Spanish market.

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Kris Marszalek, the CEO of Crypto.com, expressed his satisfaction with the regulatory approval and highlighted the company’s dedication to compliance. He emphasized that this achievement is a testament to their commitment to providing users with a comprehensive, safe, and secure crypto experience. Marszalek also expressed his enthusiasm for working closely with the Bank of Spain as they launch their products and services in the Spanish market.

The virtual asset service provider registration in Spain adds to Crypto.com’s growing list of regulatory approvals and licenses from various jurisdictions around the world. The company has successfully obtained regulatory clearance in Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece, the Cayman Islands, and has a pre-registration undertaking with the Ontario Securities Commission and Canadian Securities Administrators. This extensive global regulatory coverage solidifies Crypto.com’s position as a trusted and compliant platform for cryptocurrency users across multiple countries.

The journey of Crypto.com has been marked by significant achievements and milestones. During the bull market of 2021-2022, the platform experienced remarkable growth and expansion. It established partnerships with mainstream entities, enabling wider adoption and usage of cryptocurrencies. Notably, Crypto.com garnered attention when it secured naming rights to the Staples Center in Los Angeles, a renowned multipurpose arena that hosts various high-profile events.

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However, like many other crypto businesses, Crypto.com faced challenges during the subsequent bear market. The decline in demand and unfavourable market conditions led to the closure of its institutional platform in the United States in June. Despite this setback, the company remains resilient and focused on its mission of providing a comprehensive and secure crypto experience to its users worldwide.

With the acquisition of the virtual asset service provider registration from the Bank of Spain, Crypto.com strengthens its position in the Spanish market and expands its reach in Europe. It aims to cater to the growing demand for crypto services in Spain, leveraging its expertise and advanced technological infrastructure to deliver a seamless and user-friendly experience. As the cryptocurrency industry continues to evolve, regulatory compliance will play a crucial role in building trust and fostering wider adoption. Crypto.com’s commitment to compliance and its expanding regulatory footprint demonstrates its determination to operate within the legal frameworks of the countries it operates in, paving the way for a more regulated and mainstream cryptocurrency ecosystem.

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• Source: https://web3africa.news/2023/06/29/news/crypto-com-approved-by-bank-of-spain-for-crypto-services/