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Crypto.com receives VASP registration from the Bank of Spain

Monday 26 June 2023 10:47 CET | News

Singapore-based cryptocurrency exchange Crypto.com has become registered as a Virtual Asset Service Provider in Spain.

 

In order to obtain this registration from the Bank of Spain, 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 can provide a series of services to Spain-based users. However, becoming a VASP in Spain is just the latest achievement in Crypto.com’s expansion efforts.

The company has also 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. It also registered as a Digital Asset Service Provider (DASP) in France, and it received registration approval as a crypto asset business in the UK. 

In South Korea, Crypto.com has secured an Electronic Financial Transaction Act and Virtual Asset Service Provider registration, while the Dubai Virtual Assets Regulatory Authority (VARA) approved its MVP Preparatory Licence. In Australia, Crypto.com is a Digital Currency Exchange Provider and Independent Remittance Dealer. The crypto exchange has received regulatory approval in Greece, Italy, and the Cayman Islands. A pre-registration with the Ontario Securities Commission and Canada Securities Administrators is ongoing at the time of writing.

 

Singapore-based cryptocurrency exchange Crypto.com has become registered as a Virtual Asset Service Provider in Spain.

 

What else has Crypto.com been up to?

Apart from securing regulatory approvals in different parts of the world, Crypto.com is also focusing on improving its products and services. In May 2023, the company introduced several improvements to its DeFi wallet to make it easier for users to buy crypto. 

Crypto.com first introduced its DeFi Wallet in January 2023 and integrated it with Crypto.com Pay to allow users to purchase cryptocurrencies securely using their credit or debit cards. One of the most notable upgrades for this product includes rest-of-world support, which makes the solution available in more countries. Following this update, users in supported countries gained the ability to use their credit or debit cards to purchase tokens, alongside existing payment methods.  

In the same month, Crypto.com launched an Artificial Intelligence (AI) initiative to help users navigate the crypto industry. Named Amy, the AI companion was designed to help users learn about the crypto industry with near real-time information about specific tokens and projects, as well as details on price listings and historical events.


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Keywords: regulation, cryptocurrency exchange, cryptocurrency, central bank, expansion
Categories: DeFi & Crypto & Web3
Companies: Crypto.com
Countries: Spain
This article is part of category

DeFi & Crypto & Web3

Crypto.com

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