Crypto.com approved to offer crypto services in Spain.

The cryptocurrency exchange service provider, Crypto.com, based in Singapore, has received registration as a virtual asset service provider from the Bank of Spain. This regulatory approval allows Crypto.com to offer a range of services focused on cryptocurrency to customers in Spain. Spain has recently taken a positive approach to cryptocurrency. Before obtaining approval, the exchange platform had to conduct a comprehensive review of its compliance with the Anti-Money Laundering Directive and other financial crimes laws. This latest regulatory approval in Spain comes just weeks after Crypto.com acquired a major payment institution license for digital payment token services from the Monetary Authority of Singapore.

Crypto.com announced its latest regulatory achievement in Europe:

“We’re excited to share our latest regulatory achievement in Europe! We have obtained our Virtual Asset Provider Registration in Spain Learn more: https://t.co/ZGmgE9n937 pic.twitter.com/fmkWt6npvK

— Crypto.com (@cryptocom) June 23, 2023

Kris Marszalek, the CEO of Crypto.com, called the company’s entry into the Spanish crypto market a testament to its “commitment to compliance,” and added:

“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.”

This latest regulatory approval means that Crypto.com is a regulated platform in nearly a dozen countries. In addition to Spain, the company has obtained regulatory approval in Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece, the Cayman Islands, and a pre-registration undertaking with the Ontario Securities Commission and Canadian Securities Administrators.

Related: Crypto.com adds Pay support for MATIC, USDC and DAI

Like most other crypto businesses, Crypto.com thrived during the 2021-2022 bull market, expanding its partnerships into the mainstream and obtaining regulatory approval in multiple jurisdictions. The platform made headlines when it received naming rights to the famous Staples Center in Los Angeles, a multipurpose arena home to numerous public events, including boxing and basketball competitions.

However, with the advent of the bear market, the platform faced certain business troubles and a fall in demand, leading to the closure of its institutional platform in the United States earlier in June.

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

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