Key Takeaways
- Crypto.com recently secured an MPI license from the Monetary Authority of Singapore (MAS).
- VASP registration comes after a thorough review of the company’s compliance with the Anti-Money Laundering Directive
Crypto.com, a leading digital asset exchange platform, has announced its registration as a virtual asset service provider (VASP) with the central bank of Spain. This milestone comes after a thorough review of the company’s compliance with the Anti-Money Laundering Directive (AMLD) and other financial crimes laws. With this registration, Crypto.com gains the ability to offer its suite of products and services to users in Spain.
The Bank of Spain initiated a registry for crypto service providers in 2021, and since then, prominent firms such as Binance, Bitstamp, and the banking platform BVNK have also registered with the regulatory authority.
As the European Union’s new Markets in Crypto Assets (MiCA) framework has been finalized, member states like Spain are preparing to implement new standards and requirements in line with this comprehensive framework. The MiCA regulation prescribes different requirements for crypto asset service providers (CASPs) depending on the type of crypto asset.
Kris Marszalek, the CEO of Crypto.com, expressed his satisfaction with the VASP registration from the Bank of Spain, highlighting the company’s commitment to compliance and its desire to collaborate with regulators and public officials in responsibly advancing the crypto and blockchain technology industry.
“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, his press statement reads. Marszalek further emphasized the importance of meeting AMLD requirements and adhering to financial crimes laws, indicating Crypto.com’s dedication to maintaining a secure and transparent platform.
The regulatory approval in Spain follows closely on the heels of Crypto.com obtaining a major payment institution (MPI) license for digital payment token (DPT) services from the Monetary Authority of Singapore (MAS). These recent achievements underscore Crypto.com’s growing presence and compliance efforts on a global scale.
By securing registration as a VASP in Spain and obtaining an MPI license in Singapore, Crypto.com plans to expands its reach and further establishes itself as a reputable player in the cryptocurrency industry.
