Crypto.com Receives Regulatory Approval to Offer Crypto Services in Spain

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Singapore-based cryptocurrency exchange service provider Crypto.com has obtained a Virtual Asset Service Provider (VASP) registration from the Bank of Spain. The regulatory approval would allow the exchange to offer a range of crypto-focused services to clients in Spain, a country that has shown a positive stance on crypto lately.

The crypto exchange platform had to undergo a full review of its Anti-Money Laundering Directive (AMLD) compliance and adhere to other financial crimes laws before getting the green light. The latest regulatory approval in Spain comes weeks after it was granted a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services by the Monetary Authority of Singapore (MAS).

Kris Marszalek, CEO of Crypto.com, called their latest entry into the Spanish crypto market a testament to their commitment to compliance while adding:

We look forward to continuing to work with the Bank of Spain as we bring our products and services to market and provide users with the complete, safe and secure crypto experience they want.

The latest regulatory approval has helped the crypto exchange become a regulated platform in nearly a dozen countries. Besides Spain, the company has obtained a regulatory green light in Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece, the Cayman Islands and a pre-commitment. registration with the Ontario Securities Commission and the Canadian Securities Administrators.

Related: Crypto.com adds Pay support for MATIC, USDC and DAI

Crypto.com, like most other crypto companies, thrived during the 2021-22 bull market, expanding its partnerships to the mainstream and gaining regulatory approval in multiple jurisdictions. The platform made headlines by obtaining the naming rights of the very famous Staples Center in Los Angeles. The Staples Center is a multi-purpose arena that has hosted many public events, including boxing and basketball competitions, as well as

However, with the advent of the bear market, the platform faced some trading difficulties and a drop in demand leading to the shutdown of its institutional platform in the United States earlier this month.

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