The move comes in the context of Crypto.com’s efforts to obtain regulatory approval in various jurisdictions. The company has already received its Major Payment Institution (MPI) licence for Digital Payment Token (DPT) and its MPI for e-money issuance, account issuance, cross border and domestic money transfer services from the Monetary Authority of Singapore, as well as registration as a Digital Asset Service Provider (DASP) by the Autorité des Marchés Financiers (AMF) in France.
In order to become registered in the Netherlands, Crypto.com had to go through a comprehensive review of its business in order to ensure its compliance with the Netherlands’ Money Laundering and Terrorist Financing (Prevention) Act (Wwft). In the company press release, Crypto.com officials talked about this recent expansion as well as the crypto exchange’s commitment to working with regulators in order to responsibly advance the crypto and blockchain industry.
According to cointelegraph.com, there are 36 cryptocurrency-related businesses that are currently registered with the Dutch central bank, including Coinbase Europe, eToro, and Bitstamp. According to the same source, users could access Crypto.com’s services in the Netherlands before the registration announcement. However, while Dutch-based users are legally allowed to sign up for the service, companies that have not secured registration would act outside of the law if they advertised or offered their services to these users.
Crypto.com has ramped up its efforts to obtain regulatory approvals in various parts of the world. In June 2023, the cryptocurrency exchange has also become registered as a Virtual Asset Service Provider in Spain. In order to obtain this registration, Crypto.com had to go through a comprehensive review of its compliance with the Anti-Money Laundering Directive (AMLD) and other financial crimes laws. The company also had to prove its ability to safeguard its users. By becoming registered in Spain, the cryptocurrency exchange gained the ability to provide a series of services to Spain-based users.
In May 2023, Crypto.com introduced several improvements to its DeFi wallet, making it easier for users to purchase cryptocurrencies. Crypto.com first introduced its DeFi Wallet in January 2023 and integrated it with Crypto.com Pay to allow users to purchase cryptocurrencies in a safe way with their credit or debit cards.
This particular product upgrade offered rest-of-world support, as the solution was made available in more countries. Following the update, users in supported countries could use their credit or debit cards to purchase their favourite tokens, alongside existing payment methods.
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