Singapore-based cryptocurrency exchange Crypto.com has received regulatory approval from the Bank of Spain to offer its virtual asset services to customers in Spain. The company had to undergo a comprehensive review of its Anti-Money Laundering Directive compliance and adhere to other financial crime laws prior to getting the nod. This latest regulatory approval comes within weeks of obtaining a major payment institution license for digital payment token services by the Monetary Authority of Singapore.
Kris Marszalek, CEO of Crypto.com, described the move into the Spanish crypto market as a testament to the company’s commitment to compliance and stated that they look forward to continuing to work with the Bank of Spain to launch their products and services. This latest approval means that the exchange is now regulated in nearly a dozen countries, including Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece, the Cayman Islands, and through a pre-registration undertaking with Ontario Securities Commission and Canada Securities Administrators.
Crypto.com enjoyed considerable success during the 2021-22 bull market, expanding partnerships and obtaining regulatory approval in multiple jurisdictions. However, the bear market led to a fall in demand and business troubles, which resulted in the closure of its institutional platform in the United States earlier this month. Despite this setback, the company continues to expand its services and offerings globally.