Top crypto exchange Crypto.com has secured a Virtual Asset Services Provider License in France. This regulatory milestone further expands crypto.com services across Europe, the exchange wrote in a press release shortly after securing the license on Friday 23 June.
Crypto.com is a top cryptocurrency exchange located in Singapore. The exchange serves a global customer base and is known for its high compliance with local regulatory guidelines in countries where it operates.
This could be responsible for the company’s fast expansion. According to the exchange’s CEO Kris Marszalek,
“Receiving the VASP registration from the Bank of Spain is the latest testament to our commitment to compliance and eagerness to work with regulators and public officials in responsibly advancing crypto and blockchain technology.”
“We look forward to continuing to work with the Bank of Spain as we launch our products and services in-market and providing users with the comprehensive, safe and secure crypto experience that they desire,” he added.
The license is coming after Crypto.com survived a “comprehensive review of its compliance with Anti-Money Laundering Directive (AMLD) and other financial crimes laws, as well as measures to safeguard users.” The license permits it to issue a suite of its products and services to users in Spain.
Crypto.com’s Other Licenses
The DASP license in Spain is just the latest progress that Crypto.com has made in its expansion attempts. The platform has secured numerous other operational licenses in different countries.
It most recently secured a Major Payment Institution (MPI) license for Digital Payment Token (DPT) and its MPI for e-money issuance, account issuance, cross border and domestic money transfer services from the Monetary Authority of Singapore.
Singapore has demonstrated its commitment to developing the crypto industry within its domain, just like other jurisdictions like Hong Kong and Australia. Cypto.com is also registered as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France.
Others are the crypto asset business license from the UK Financial Conduct Authority (FCA), approval of its MVP Preparatory License from the Dubai Virtual Assets Regulatory Authority (VARA), and registration approval as a Digital Currency Exchange Provider and Independent Remittance Dealer in Australia by AUSTRAC to name a few.
Crypto.com Seeing Wide Acceptance
Crypto.com has shown its willingness to abide by regulatory demands, and so is seeing wide acceptance in many jurisdiction. All the licenses were secured within a short span of time, which shows that wider crypto adoption is possible.
Other exchanges might as well take cues from the platform to align with regulatory requirements in order to expand and foster the adoption of cryptocurrencies in the world at large. Like most other exchanges, Crypto.com’s main mission is to make crypto available to everyone, everywhere, and it well on its way to achieving that.
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