Crypto.com Gets Regulatory Approval To Operate In Spain

By Kevin • July 3, 2023 2:53 pm • Comments

Many crypto exchanges have been facing regulatory roadblocks recently when it comes to providing digital asset related services in global regions.

For example, both Coinbase and Binance are facing legal pressure in multiple jurisdictions which may slow down the growth of crypto in the short term.

On the other hand, there have been some crypto exchanges such as Crypto.com that have been able to avoid some of these regulatory issues.

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Most recently, Crypto.com was able to get regulatory approval to offer crypto services in the country of Spain as the company had obtained a virtual asset service provider registration from the Bank of Spain.

This is quite refreshing news as other countries such as France have been doing investigations on crypto exchanges like Binance recently.

CoinTelegraph reports:

Singapore-based cryptocurrency exchange service provider Crypto.com has obtained a virtual asset service provider registration from the Bank of Spain.

The regulatory approval allows the exchange to offer a range of crypto-focused services to customers in Spain, a country that has recently taken a positive approach to crypto.

The crypto exchange platform had to comprehensively review its Anti-Money Laundering Directive compliance and adhere to other financial crimes laws before getting the nod.

The latest regulatory approval in Spain comes within weeks of acquiring a major payment institution license for digital payment token services from the Monetary Authority of Singapore.

So far, Crypto.com is considered a regulated exchange is about 12 different countries and the recent approval in Spain may lead to other approvals in the EU region.

The exchange also has licenses to operate in other countries such as the UK, Singapore, Italy, Dubai, and many more.

It is important for crypto exchanges to continue to operate in more than one region in order to truly make the industry global and mainstream.

So far, centralized exchanges still make up the majority of trading activity for digital assets, but decentralized exchanges these days are also growing due to fears of regulatory obstacles that may come.

Crypto.com is one of the major exchanges that has managed to survive the previous crypto winter and is looking to continue to expand.

Blockworks.co concludes:

Spain’s central bank, the Bank of Spain, is responsible for granting licenses for the trading of cryptocurrencies and digital tokens. These licenses are aimed at safeguarding users and overseeing the activities of crypto trading.

To obtain a license, companies must provide a currency exchange registration form, custody service registration form, suitability assessment form for the company and its management, a manual for preventing money laundering and terrorist financing and a risk analysis document.

Institutions should apply via an electronic registry, and the central bank will take up to three months to process the application, according to a process description.

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