Bank of Spain welcomes Crypto.com as registered service provider, emerges as early adopter of MiCA regulations
|- Crypto.com has successfully received a Virtual Asset Service Provider license from the Bank of Spain early on Friday.
- Spain has positioned itself as an early adopter of the European Union’s Markets in Crypto Assets.
- Prior to its entry into Spain, Crypto.com announced the closure of its institutional exchange service for US-based customers.
Crypto.com, a Singapore-based crypto exchange platform, received a license to operate as a Virtual Asset Service Provider (VASP) in Spain. The European Union (EU) recently made progress in its Markets in Crypto Assets (MiCA) regulation, and Spain has emerged as an early adopter.
The exchange recently bid farewell to US-based institutional clients in a turbulent regulatory environment.
Also read: BlockFi creditors closer to recover $300 million as SEC temporarily foregoes penalty
Crypto.com hits key regulatory milestone, welcomes as licensed entity in Spain
Crypto.com announced early on Friday that the exchange has received its Virtual Asset Service Provider registration from Spain’s central bank. Spain emerged as an early adopter of the EU's MiCA regulation.
Following a comprehensive review of the exchange’s compliance with the Anti-Money Laundering Directive (AMLD) and other financial crimes laws, Bank of Spain awarded the license to Crypto.com. The Singapore-based cryptocurrency exchange platform is now licensed to rollout its suite of crypto products and services to Spain-based customers.
We look forward to continuing to work with the Bank of Spain as we launch our products and services in-market and providing users with the comprehensive, safe and secure crypto experience that they desire
said Kris Marszalek, CEO of Crypto.com.
Cronos (CRO), the native token of Crypto.com, climbed 8% over the past week. Crypto.com’s expansion plans and licenses for providing services across EU nations could fuel CRO’s upward momentum in the long term.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.