Pushing the Boundaries with Regulatory Compliance
Before earning this recognition, Crypto.com had to perform a thorough review of its Anti-Money Laundering Directive compliance and strictly adhere to other financial crime laws. This display of commitment towards regulatory compliance cements the company’s position in the global crypto market. In the words of Crypto.com CEO, Kris Marszalek, “Our entry into the Spanish market is a testament to our commitment to compliance.”
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
Global Regulatory Nods: A Mark of Trust
With this latest approval, Crypto.com has garnered regulatory affirmation in nearly a dozen countries. This includes Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece, the Cayman Islands, and more. The platform also holds a pre-registration undertaking with the Ontario Securities Commission and Canadian Securities Administrators.
Adapting and Evolving Amidst Market Changes
The crypto giant has proved its mettle amidst changing market conditions. Crypto.com had a triumphant run during the 2021–2022 bull market, during which it also obtained naming rights to the renowned Staples Center in Los Angeles. However, the onset of the bear market led to a drop in demand, causing the closure of its institutional platform in the United States. Despite the challenges, the company keeps forging ahead, strengthening its foothold in the global crypto market.
Key Points
What does Crypto.com’s entry into Spain mean?
This signifies Spain’s positive approach towards cryptocurrency and marks Crypto.com as one of the most regulated crypto exchanges globally.
What led to Crypto.com’s approval by the Bank of Spain?
Before getting the nod, Crypto.com had to comprehensively review its Anti-Money Laundering Directive compliance and adhere to other financial crimes laws.
Which other countries has Crypto.com obtained regulatory approval from?
It has obtained regulatory approval in nearly a dozen countries, including Singapore, France, the UK, Dubai, South Korea, Australia, Italy, Greece, and the Cayman Islands.
Has Crypto.com faced any business troubles?
Yes, with the onset of the bear market, Crypto.com faced a fall in demand, leading to the closure of its institutional platform in the United States. However, it continues to expand and strengthen its position globally.
