Crypto.com Gets Regulatory Greenlight to Provide Crypto Services in Spain

Crypto.com Granted Virtual Asset Service Provider (VASP) Registration

Crypto.com, a Singapore-based cryptocurrency exchange service provider, has been granted a Virtual Asset Service Provider (VASP) registration from the Bank of Spain. This regulatory approval will enable the exchange to offer a variety of crypto-related services to customers in Spain, a nation that has recently taken a favorable stance towards cryptocurrencies.

The crypto exchange platform had to go through an extensive review of its compliance with the Anti-Money Laundering Directive (AMLD) and abide by other financial crime laws before receiving approval. This latest regulatory approval in Spain follows shortly after the Monetary Authority of Singapore (MAS) granted a major payment institution (MPI) license for digital payment token (DPT) services.

Kris Marszalek, CEO of Crypto.com, declared their most recent venture into the Spanish crypto market as a demonstration of their “dedication to compliance”, and went on to say.

The crypto exchange has been granted regulatory approval in nearly a dozen countries, making it a regulated platform. In addition to Spain, the company has obtained authorization in Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece, the Cayman Islands, and a pre-registration undertaking with the Ontario Securities Commission and the Canada Securities Administrators.

Crypto.com has enabled Pay support for MATIC, USDC and DAI.

Crypto.com Experiences Growth and Difficulties in 2021-22 Bullish Market

Crypto.com, similar to many other crypto-based companies, experienced growth during the 2021-22 bullish market, broadening their alliances into the mainstream and receiving regulatory approval in multiple areas. This platform made waves when it acquired the naming rights to the renowned Staples Center in Los Angeles. The Staples Center is a multi-purpose stadium that has hosted a multitude of public affairs including boxing and basketball matches.

Despite the onset of a bear market, the platform encountered certain commercial difficulties and a decrease in demand that resulted in the closure of its institutional platform in the U.S. earlier this month.

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