Crypto.com Obtains Regulatory Approval from CySEC

Crypto.com, a Singapore-based crypto exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, has become the latest crypto company to be licensed in Cyprus. On July 22, Crypto.com told Cointelegraph that it had received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term).

Upon receiving the approval, Crypto.com will be able to provide a number of products and services to Cyprus customers in accordance with local regulations. As Crypto.com expands its operations globally, receiving approvals to operate in countries such as Italy, Greece and Singapore, the new regulatory milestone reflects its growing global presence.

According to Crypto.com's CEO, Kris Marszalek, the exchange is currently focusing its expansion on Europe. He described that as a "testament to our commitment to compliance and collaboration with regulators."

Approvals in Other Jurisdictions

Crypto.com recently announced that it had received in-principle approval for its Major Payment Institution License from the Monetary Authority of Singapore (MAS). As soon as the license is granted, the digital asset services provider will be able to offer a wide range of payment services in the region under the Payment Services Act. Clients in the country will be able to utilize Digital Payment Token (DPT) services.

Regulatory authorities in Dubai provisionally approved Crypto.com's Virtual Asset MVP License. In addition, Crypto.com plans to expand its presence in the UAE.

Although the digital asset market is experiencing a difficult period, regulators around the globe are introducing innovation-driven regulations to help companies offer crypto services under regulated infrastructures. With the approval of MAS in principle in March 2022, Sygnum Singapore will be able to conduct additional services under its CMS license.

The French and Italian regulatory authorities approved Binance's application to offer digital asset services in the regions in May 2022. Furthermore, Binance Bahrain gained a full category 4 license during the same month. Bahrain's Central Bank (CBB) granted the company a license.