The Bank of Spain has issued Crypto.com a Virtual Asset Service Provider (VASP) license to provide a suite of its products and services to users in Spain.
The exchange on its official website today announced the acquisition of the license which it describes as a regulatory milestone that will further expand Crypto.com’s services across Europe.
According to Crypto.com, the license was issued after the exchange went through a “comprehensive review of its compliance with Anti-Money Laundering Directive (AMLD) and other financial crimes laws, as well as measures to safeguard users. “
Kris Marszalek, CEO of Crypto.com in a statement said that the feat demonstrates the company’s compliance to regulatory demands and its readiness to work with regulators to make crypto safer for users.
“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,” he said
“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.
Crypto.com Winning Countries
Crypto.com is a crypto exchange that has secured licenses in many countries. As the CEO said, the company has a history of aligning with regulatory demands. Indeed, one of Crypto.com’s greatest strengths is its strong compliance to regulation which has made it a favorite trading platform for those seeking a safe and regulated exchange.
The exchange recently secured a “major” operational license in Singapore and now has its headquarters in the crypto-friendly country, and is working with regulators there to grow the crypto industry.
Other countries that have licensed Crypto.com are France, Australia, the UK, and many others. Founded in 2016, Crypto.com is trusted by more than 80 million customers worldwide. With its “Cryptocurrency in Every Wallet” vision, the exchange seeks to make cryptocurrencies available to everyone in the world, and seems to be achieving that with its wide acceptance around the world.
Where Will Crypto.com go Next?
There is a lot of regulatory pressure on crypto exchanges currently, especially in the US. However, there are still countries where cryptocurrencies are receiving much acceptance, top among which are Dubai, Hong Kong, and Australia.
Although the company already has licenses from most of the crypto-friendly jurisdictions, there is still more to look forward to. This is because with the increasing regulatory pressure, more people are starting to realize the importance of cryptocurrencies and are turning to it.
This trend is likely to continue at the government level, leading to acceptance of complying crypto exchanges like Crypto.com. The only question is which country the company will be receiving approval from next.