The Bank of Spain has officially registered the cryptocurrency platform Crypto.com as a Virtual Asset Service Provider (VASP). This registration allows Crypto.com to offer a range of products and services to local users in Spain.
The CEO of Crypto.com, Chris Marszalek, expressed his excitement about obtaining the VASP registration from the Bank of Spain. He stated that this achievement is a testament to their commitment to compliance and working with regulators and government officials to promote cryptocurrencies and blockchain technology responsibly.
This is not the first regulatory achievement for Crypto.com. In August 2022, the platform received permission to operate with crypto assets in the UK. Additionally, they acquired payment service provider PnLink and digital asset provider OK-BIT, both of which are licensed by South Korean regulators.
Furthermore, Crypto.com’s activities have been approved by authorities in Italy, Greece, Cyprus, Singapore, Dubai, and Brazil. This demonstrates the platform’s global reach and commitment to meeting regulatory requirements in various jurisdictions.
In an interesting development, sources from the Financial Times reported on a secret prop trading department at Crypto.com in June 2023. This highlights the platform’s continuous growth and expansion in the cryptocurrency industry.
Overall, the registration of Crypto.com as a Virtual Asset Service Provider by the Bank of Spain further solidifies the platform’s position in the cryptocurrency market. With their commitment to compliance and collaboration with regulators, Crypto.com is poised to continue its success in the industry.
What impact does the registration of Crypto.com as a Virtual Asset Service Provider by the Bank of Spain have on the platform’s position in the cryptocurrency market
The Bank of Spain has officially recognized Crypto.com as a Virtual Asset Service Provider (VASP), allowing the platform to offer its services to users in Spain. Chris Marszalek, the CEO of Crypto.com, expressed his excitement about this achievement and emphasized the company’s dedication to compliance and responsible promotion of cryptocurrencies and blockchain technology.
Crypto.com has a track record of regulatory accomplishments, including operating with crypto assets in the UK and acquiring licensed providers in South Korea. They have also gained approval from authorities in several countries, such as Italy, Greece, Cyprus, Singapore, Dubai, and Brazil, showcasing their global reach and commitment to regulatory compliance.
In an intriguing disclosure, sources from the Financial Times revealed the existence of a secret prop trading department at Crypto.com in June 2023, underscoring the platform’s expansion and continuous growth in the cryptocurrency industry.
Overall, the Bank of Spain’s registration of Crypto.com as a Virtual Asset Service Provider further solidifies the platform’s position in the cryptocurrency market. With their focus on compliance and collaboration with regulators, Crypto.com is poised to maintain its success in the industry.
This is a significant step towards mainstream acceptance of cryptocurrencies. Registering Crypto.com as a Virtual Asset Service Provider (VASP) by the Bank of Spain highlights the growing recognition and importance of the crypto industry. It brings more credibility and trust, encouraging wider adoption and investment in the digital space.
This is a significant milestone for Crypto.com, as being registered by the Bank of Spain further establishes its credibility as a trusted virtual asset service provider. It reinforces the growing recognition of cryptocurrencies as legitimate financial instruments.