Crypto.com Obtains Permit to Offer Digital Asset Services in Spain

Crypto.com said it had won approval from the Bank of Spain to offer services in the country after successfully passing a comprehensive compliance review. The move comes as more crypto exchanges race to gain exposure in new markets amid an ongoing regulatory clampdown in the United States.

Crypto.com Enters Spain After Obtaining License in Singapore

Cryptocurrency exchange Crypto.com announced on Friday it has successfully registered as a virtual asset service provider (VASP) in Spain, allowing the company to begin providing its digital asset trading services in the European country. The exchange said it has secured the license after a broad review of its adherence to “Anti-Money Laundering Directive (AMLD) and other financial crimes laws, as well as measures to safeguard users.”

“Receiving the VASP registration from the Bank of Spain is the latest testament to our commitment to compliance and eagerness to work with regulators and public officials in responsibly advancing crypto and blockchain technology.”

– said Crypto.com CEO Kris Marszalek.

Spain’s central bank established a registry for digital asset service providers in 2021 and is, among other things, responsible for reviewing license applications filed by crypto-related firms that wish to operate in the country. Crypto.com’s foray into Spain comes after several other global crypto exchanges registered with the Bank of Spain, including Binance and Bitstamp. 

Financial regulators in Spain and other European Union (EU) member states will soon begin applying new digital asset standards and rules outlined in the bloc’s recently-passed Markets in Crypto Assets (MiCA) regulation. Meanwhile, before foraying into Spain, Crypto.com also recently secured a major payment institution license for offering digital payment token services in Singapore. 

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Crypto Firms Seeking Growth Outside the US Due to Regulatory Heat

The recent regulatory crackdown on crypto spearheaded by the US Securities and Exchange Commission (SEC) has prompted numerous crypto exchanges and firms to seek expansion opportunities beyond the US. Faced with increased scrutiny and an unclear regulatory landscape, these entities explore other international markets and jurisdictions to achieve their growth prospects.

In that context, blockchain and fintech firm Ripple recently announced it intends to enter the United Arab Emirates (UAE) market and open an office in Dubai. Similarly, Gemini, a crypto exchange founded by the Winklevoss brothers, said this week it plans to hire more than 100 in Singapore, which it believes will play a key role in its future expansion. 

Meanwhile, digital asset exchanges face extreme scrutiny from the SEC and other regulators. Earlier this month, the securities regulator filed two major lawsuits against Binance and Coinbase. 

Which jurisdiction or nation will emerge as a leading crypto hub in the coming years? Let us know in the comments below.