An official report from the leading crypto exchange in Singapore Crypto.com revealed that the firm received the approval of virtual asset service provider (VASP) permit by the Spanish regulators. The approval of the VASP permit allows the crypto exchange to explore viable opportunities in Spain and operate as a regulated entity.
Recently Spain has demonstrated a positive stance towards crypto to cope with emerging economies. The Spanish regulators have combined efforts to amend the digital assets laws to create a friendly environment for cryptos.
Crypto.com Expands to Spain
Under the new regulatory regime, firms seeking to enter the vibrant crypto market are required to meet the Spanish Anti-Money Laundering regulations and financial law. In a statement, the chief executive of Crypto.com Kris Marszalek stated that the crypto exchange has demonstrated its commitment to compliance by expanding to Spain. He revealed plans to continue working together with the Bank of Spain.
Marszalek stated that Crypto.com products and services will soon be available in the Spanish market. The crypto exchange plans to offer the trade a safe and secure trading platform that upholds compliance with the set rules.
At the initial registration of the VASP permit the Crypto.com team reviewed the Anti-Money Laundering Directive Laws to meet the Spanish regulatory requirements. Additionally, the Singaporean crypto exchange was forced to meet the financial crime law before the approval of the Spanish permit.
For decades Spain has been a member of the European Union which is currently seeking to implement the market for crypto assets (MiCA) regulations in 2024. Under the MiCA regulations crypto firms operating within the European bloc will be subjected to regulatory scrutiny and tougher regulations. Moreover, the crypto firms will be required to meet the anti-money laundering (AML) and data security requirements.
Crypto.com Receives Spanish Permit
A few days ago the Monetary Authority of Singapore green-lighted the Crypto.com license. The approval of the Singapore license allowed the firm to provide virtual payment tokens to institutional clients.
As part of Crypto.com’s global expansion efforts, the crypto exchange has set foot in France, the United Kingdom, Dubai, Italy, Germany, and Cayman Island. Presently the firm has submitted a pre-registration license document to Ontario Securities Commission and Canadian Securities Administrators.
In an exclusive interview with the Financial Times, the Crypto.com staff were accused of trading their digital tokens for profits. Commenting on this the crypto exchange stated that the firm has multiple revenue streams apart from proprietary trading.
In an earlier report, the crypto exchange had revealed plans to sunset its institutional service offering to American users due to its limited demand. Remarkably, during the previous bull run, Crypto.com strived to gain market dominance by seeking strategic partnerships and obtaining regulatory approval to operate in multiple jurisdictions.