Crypto.com, a cryptocurrency exchange, has obtained a virtual asset service provider (VASP) license from the Bank of Spain, the exchange announced today (Friday). The license was issued after the exchange met the requirements of anti-money laundering regulations and other financial crimes laws.

"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," commented Kris Marszalek, the CEO of Crypto.com.

UK, France, Australia

Crypto.com has obtained similar regulatory approvals in the UK, France, South Korea, Singapore, Italy, and Australia, among several other regions. In Singapore, the exchange operates on a Major Payment Institution (MPI) license for Digital Payment Tokens (DPT) from the Monetary Authority of Singapore (MAS).

The license was awarded after the exchange received an in-principle license from the Singaporean regulator in June 2022. Moreover, MAS granted Crypto.com a license for e-money issuance, account issuance, and cross-border and domestic money transfer services.

In the UK, Crypto.com is licensed for crypto asset business by the Financial Conduct Authority (FCA ), while in France, the exchange operates a digital asset service provider (DASP) license. Moreover, the Singapore-headquartered firm received a Minimal Viable Product (MVP) Preparatory license to offer spot and derivatives instruments of virtual assets in the UAE.

Regulating Crypto

Crypto.com's acquisition of a license in Spain comes at a time cryptocurrency exchanges are rushing to obtain approval in different jurisdictions. Rival exchange Gemini announced at the beginning of June that it was seeking to launch operations in the UAE. According to the Winklevoss twins-owned exchange, residents in the UAE were actively adopting cryptocurrencies, especially for use in making purchases.

Conversely, in the United States, Crypto.com was forced to suspend its institutional exchange services due to low demand and the prevailing market conditions, the company said at the beginning of June. However, retail users still access the exchange's derivatives trading services.

The US financial market regulator, Securities and Exchange Commission (SEC), has recently stepped up enforcement actions against digital asset platforms. Binance and Coinbase, for instance, are facing charges brought against them by the regulator.