The announcement comes a few days after Italy’s financial watchdog OAM approved CryptoCom plans to provide digital asset goods and services.
Leading cryptocurrency exchange CryptoCom has announced that the Cyprus Securities and Exchange Commission (CySEC) has granted regulatory authority for it to continue its European growth.
According to the official press release, CryptoCom will now be allowed to provide clients in the island nation with a variety of goods and services while abiding by local laws.
Recently, CryptoCom also received registration from the Greek Hellenic Capital Market Commission, Italian Organismo Agenti e Mediatori (OAM), in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License, and provisional approval from the Dubai Virtual Assets Regulatory Authority for its Virtual Asset License.
Kris Marszalek, co-founder and CEO of CryptoCom, commented on the most recent regulatory affirmation by saying that Europe continues to be a crucial market for the platform’s growth ambitions. The executive continued,
“Europe is a priority region for Crypto.com and our continued expansion in the market is a testament to our commitment to compliance and collaboration with regulators. Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to more customers.”
Expansion and Layoffs During the Crypto Winter
Exchanges have turned to a number of strategies to manage working capital as the crypto winter set in as a result of a sharp decline in revenues, trading volume, and profitability. As the market suffered, CryptoCom declared that it would fire 5% of its corporate staff. The true percentage, according to those with knowledge of the situation, is far higher.
However, there is no halting the growth side of things. The activities of other platforms have also been growing internationally. FTX gained authorization from Cyprus’ regulatory body to start FTX Europe earlier this year, in addition to CryptoCom.
During the period of greatest volatility in the second quarter of the year, Gemini and Coinbase both made news by axing employees. As a part of their aggressive development plans, both platforms hold regulatory permits throughout Europe. While Gemini was the first cryptocurrency exchange approved to function as a VASP in Ireland, Coinbase was the first to receive a license from Italy’s OAM as a crypto asset service provider.
