Logll Tech News — Crypto.com, a leading cryptocurrency exchange, has received regulatory approval from the Bank of Spain to offer its digital asset services in the country. This development comes as crypto exchanges actively seek new markets amid tightening regulations in the United States. The company’s successful compliance review paves the way for its expansion into Spain.
Crypto.com’s Entry into Spain
Securing License in Singapore
Crypto.com has recently registered as a virtual asset service provider (VASP) in Spain, allowing the exchange to commence its digital asset trading services in the European nation. The company underwent a thorough evaluation of its compliance with the Anti-Money Laundering Directive (AMLD) and other financial crimes laws, along with measures to ensure user safety.
Commitment to Compliance
Crypto.com CEO Kris Marszalek expressed his satisfaction with the approval, stating, “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.”
Regulatory Landscape in Spain
The Bank of Spain established a registry for digital asset service providers in 2021, responsible for reviewing license applications from crypto-related firms seeking to operate in the country. Several global crypto exchanges, including Binance and Bitstamp, have already registered with the Bank of Spain, reflecting the growing interest in the Spanish market.
Regulatory Challenges and Global Expansion
Escaping US Regulatory Clampdown
The recent regulatory actions taken by the US Securities and Exchange Commission (SEC) have prompted many crypto exchanges and firms to explore opportunities outside the United States. Faced with heightened scrutiny and regulatory uncertainty, these entities are actively seeking growth prospects in international markets and jurisdictions.
Ripple’s UAE Market Entry
In line with this trend, Ripple, a prominent blockchain and fintech firm, has announced its plans to enter the United Arab Emirates (UAE) market by establishing an office in Dubai. This strategic move allows Ripple to tap into the UAE’s flourishing crypto landscape and expand its operations.
Gemini’s Singapore Expansion
Gemini, a renowned crypto exchange founded by the Winklevoss brothers, is also pursuing expansion plans in Singapore. The company aims to hire over 100 professionals in the region, recognizing Singapore’s pivotal role in its future growth. The favorable regulatory environment and supportive infrastructure make Singapore an attractive destination for crypto-related businesses.
Regulatory Scrutiny on Exchanges
Crypto exchanges are currently facing intense scrutiny from regulatory bodies like the SEC. Recent lawsuits filed by the securities regulator against Binance and Coinbase highlight the increasing regulatory pressure on digital asset exchanges. This landscape of heightened oversight underscores the importance of adhering to regulatory requirements and maintaining compliance.
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Conclusion
Crypto.com’s acquisition of a permit to offer digital asset services in Spain marks a significant milestone for the exchange. By successfully navigating the compliance review process, Crypto.com demonstrates its commitment to regulatory compliance and responsible advancement of the crypto and blockchain industry. As global crypto exchanges face increased regulatory scrutiny, expanding into new markets becomes a strategic imperative for sustained growth.