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Singapore-based crypto exchange Crypto.com has secured Virtual Asset Service Provider (VASP) license from the Bank of Spain. The latest effort comes after a crucial evaluation of Crypto.com’s adherence to financial legislations such as money laundering.
The certificate will allow the trading firm to offer various cryptocurrency services and goods to Spanish participants.
We're excited to share our latest regulatory achievement in Europe!
We have obtained our Virtual Asset Provider Registration in Spain 🇪🇸🙌
Learn more:https://t.co/ZGmgE9n937 pic.twitter.com/fmkWt6npvK— Crypto.com (@cryptocom) June 23, 2023
The journey to securing the license
Obtaining the certificate from the Bank of Spain wasn’t a walk in the park for Crypto.com. As highlighted, the exchange underwent a thorough evaluation to ensure compliance with Anti-Money Laundering policies.
Moreover, the investment company had to showcase its capability to safeguard user interest, complying with the nation’s regulatory framework.
Crypto.com expands its offerings under compliance
The exchange has confirmed plans to obtain licenses and authorization from global regulators. Singapore’s Monetary Authority granted Crypto.com a Major Payment Institution (MPI) certificate for Digital Payment Tokens and an MPI for domestic & cross-border money services, account issuance, and e-money issuance.
Besides that, Invezz.com reported that Crypto.com received the Digital Asset Service Provider (DASP) license from France’s AMF in September 2022. Also, the exchange gained approval as a cryptocurrency business from the United Kingdom Financial Conduct Authority.
The crypto platform has also explored the North American regulatory landscape, acquiring authorizations. It attained approval as the United States Commodity Futures Trading Commission, Designated Contracts Market, and licensed Derivatives Clearing Organization.
On the other hand, Binance continues to face stiffer regulatory challenges. The leading exchange exited the Dutch market after failing to secure the VASP certificate. Also, it deregistered as a crypto provider in Cyprus.
Moreover, Binance canceled registration with UK’s Financial Conduct Authority (invezz.com news). Is the leading exchange by market volume losing grounds in the crypto market?
The post Crypto.com obtains VASP license to offer crypto services in Spain appeared first on Invezz.
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