Crypto.com, a crypto exchange, has registered as a virtual asset service provider with the Central Bank of Spain.
This registration allows Crypto.com to offer various goods and services to customers in Spain. It also comply to stric rules, including anti-money laundering directives and other financial crime prevention laws, ensuring user protection and safety.
By obtaining the VASP registration from the Bank of Spain, Crypto.com’s CEO, Kris Marszalek, emphasized their commitment to compliance with regulatory agencies.
Crypto.com’s existing regulatory licenses, which various agencies in countries such as Singapore, France, the UK, Australia, and Italy have granted, are further supplemented by this registration.
The Bank of Spain has been promoting the use of Bitcoin and has also approved a trial program involving issuing digital tokens pegged to the euro.
Licensed fintech payments startup MONEI leads this initiative, enabling users to create their euro stablecoins on the Ethereum and Polygon blockchains.
Users can participate in this test initiative by depositing euros, ensuring the stability of the created form tokens. The Bank of Spain registers the initiative as part of its financial Sandbox and the MONEI platform limits each registered user to issuing a maximum of 10 eurm tokens.
Crypto.com has decided to focus its efforts in Europe and has halted its institutional offering on the Crypto.com exchange in the United States as of June 21, 2023.
To ensure a smooth transition during this period of uncertainty, the platform has notified affected institutional users in advance. This move by Crypto.com may encourage other businesses to redirect their efforts to regions with more explicit regulatory frameworks as more exchanges withdraw their offerings from the U.S.
