Singapore-based cryptocurrency exchange, Crypto.com, has announced that it has been granted a Virtual Asset Service Provider (VASP) registration from the Bank of Spain. This will allow the exchange to offer its products and services to users in Spain. The company underwent a comprehensive review of its compliance with Anti-Money Laundering Directive (AMLD) and other financial crimes laws before being granted the registration.
Commitment to Compliance
Kris Marszalek, CEO of Crypto.com, described the VASP registration as a testament to the company’s commitment to compliance and eagerness to work with regulators and public officials in responsibly advancing crypto and blockchain technology. The exchange has received regulatory approval from several other countries, including the United Kingdom, Singapore, South Korea, Australia, France, Dubai, Italy, Greece, Cyprus, and the Cayman Islands.
Internal Trading Team and Market Maker
The registration comes just a few days after the exchange was accused of a potential conflict of interest with its operation of an internal trading team and a market maker on its platform. However, Crypto.com has reportedly stated that there is nothing to worry about as its internal market maker is treated like an external one.
MiCA Regulations
With the highly anticipated Markets in Crypto Assets (MiCA) regulations all but finalized, several crypto exchanges like Binance have been making moves in Europe to remain compliant with the law. The EU website states that the MiCA law forms part of a broader digital finance package. This package seeks to develop a European approach that promotes technological advancement and guarantees financial stability and consumer protection.
Crypto.com’s VASP registration from the Bank of Spain is a significant step for the exchange as it expands its reach in Europe. The company’s commitment to compliance and eagerness to work with regulators is essential in the rapidly evolving crypto industry. With the MiCA regulations soon to be implemented, it is essential for crypto exchanges to remain compliant with the law to ensure financial stability and consumer protection.
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