Cryptocom secures regulatory approval in Spain

TL;DR Breakdown

  • Cryptocom has obtained the Virtual Asset Service Provider (VASP) registration from the Bank of Spain, allowing it to offer its services in Spain.
  • The crypto platform’s commitment to compliance is evident in the various licenses it has secured globally, including from Singapore, France, UK, and Dubai.
  • Cryptocom decided to suspend its institutional services in the U.S. due to “limited demand,” though its retail trading app continues operations.

Description

In a significant stride towards cryptocurrency normalization, Cryptocom has secured its Virtual Asset Service Provider (VASP) registration from the Bank of Spain. The digital asset platform received this green light after thoroughly demonstrating its adherence to Anti-Money Laundering Directives (AMLD) and other financial crime laws, including comprehensive user safeguards. With this validation, Cryptocom is now … Read more

In a significant stride towards cryptocurrency normalization, Cryptocom has secured its Virtual Asset Service Provider (VASP) registration from the Bank of Spain.

The digital asset platform received this green light after thoroughly demonstrating its adherence to Anti-Money Laundering Directives (AMLD) and other financial crime laws, including comprehensive user safeguards.

With this validation, Cryptocom is now set to introduce a range of its digital offerings to the Spanish market.

Cryptocom’s growing regulatory recognition

Cryptocom’s attainment of the VASP registration from Spain’s central bank underscores the company’s continuous commitment to compliance.

The platform’s endeavor to collaboratively work with regulators and public officials worldwide is leading the way in responsibly evolving crypto and blockchain technology.

Cryptocom’s CEO, Kris Marszalek, expressed his excitement over this development. Marszalek reaffirmed the company’s determination to provide a safe and robust crypto experience for users while continuing its strong collaborative efforts with the Bank of Spain.

This achievement adds another feather to the cap of Cryptocom as it expands its suite of services.

This development in Spain is the latest in a series of global regulatory licenses secured by Cryptocom. Previously, the Monetary Authority of Singapore granted the platform its Major Payment Institution license for Digital Payment Token (DPT) and other financial services.

The company also received registration approvals from various regulatory bodies including France’s Autorité des marchés financiers, UK’s Financial Conduct Authority, and Dubai’s Virtual Assets Regulatory Authority.

Cryptocom has also made its mark in other regions. The platform is recognized by South Korea’s Electronic Financial Transaction Act and Virtual Asset Service Provider.

Australia’s AUSTRAC acknowledged it as a Digital Currency Exchange Provider and Independent Remittance Dealer. It also gained approvals from various regulatory authorities in Italy, Greece, Cyprus, and Cayman Islands.

A strategic shift in the U.S. market

Despite its global regulatory triumph, Cryptocom announced at the beginning of this month that starting June 21, that it would temporarily halt its institutional services in the U.S. due to limited demand in the current market landscape.

The move likely comes in response to recent regulatory pressures on major crypto exchanges like Binance and Coinbase. Nonetheless, the platform’s retail trading app, which includes UpDown Options, a regulated crypto derivatives product, will continue to operate.

Despite the strategic shift in the U.S., Cryptocom’s global footprint remains formidable. With its “verified proof of reserves,” the platform boasts over 80 million users worldwide.

One of its distinctive features includes offering Visa debit cards, enabling customers to seamlessly integrate cryptocurrency into their daily transactions.

This success indicates a promising future for Cryptocom as it continues to secure regulatory approval in different parts of the globe, bringing the world one step closer to widespread crypto adoption.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Cryptocom secures regulatory approval in Spain

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月25日 20:30
Next 2023年6月25日 21:46

Related articles

  • Robinhood unveiled as third-largest Bitcoin holder with $3 billion in assets

    TL;DR Breakdown Robinhood has been revealed as the third-largest Bitcoin holder, with $3 billion in BTC assets, trailing only Binance and Bitfinex. The identification of Robinhood as the owner of a mysterious Bitcoin wallet ends months of speculation within the crypto community. Despite its massive Bitcoin holdings, Robinhood reported a decline in crypto trading volumes, with Q2 revenue dropping 18% to $31 million. Description Robinhood, the widely-used trading and investment platform, has been identified as the third-largest holder of Bitcoin, boasting about $3 billion in BTC assets. The revelation comes from wallet data provided by Arkham Intelligence and places Robinhood behind only Binance and Bitfinex, which hold $6.4 billion and $4.3 billion in Bitcoin, respectively. For months, the crypto … Read more Robinhood, the widely-used trading and investment platform, has been identified as the third-largest holder of Bitcoin, boasting about $3 billion in BTC assets. The revelation comes from wallet data provided by Arkham Intelligence and places Robinhood behind only Binance and Bitfinex, which hold $6.4 billion and $4.3 billion in Bitcoin, respectively. For months, the crypto community had been…

    Article 2023年8月29日
  • Ethereum NFT trading hits two-year low

    TL;DR Breakdown According to reports, Ethereum NFT trading hit a two-year low in August. Challenges and potential revival of the NFT market. Description In August, the monthly trading volume of Ethereum NFTs experienced a significant decline, reaching its lowest level in two years. This drop in activity was observed across several major NFT marketplaces, including OpenSea, Blur, LooksRare, and X2Y2. The data from The Block’s dashboard revealed that trading volume of Ethereum NFTs fell to $407 million in … Read more In August, the monthly trading volume of Ethereum NFTs experienced a significant decline, reaching its lowest level in two years. This drop in activity was observed across several major NFT marketplaces, including OpenSea, Blur, LooksRare, and X2Y2. The data from The Block’s dashboard revealed that trading volume of Ethereum NFTs fell to $407 million in August, marking a 32% decrease compared to July’s $599 million and the lowest trading volume since June 2021. Ethereum NFT trading decreased by 32% in August X2Y2 led the decline with a 40% month-over-month drop, while Blur, OpenSea, and LooksRare also saw their trading…

    Article 2023年9月3日
  • GameStop withdraws support for crypto wallets amid regulatory uncertainty

    TL;DR Breakdown GameStop will discontinue its crypto wallet services by November 1, 2023, due to U.S. regulatory uncertainty. The decision aligns with the company’s cautious approach to digital assets, avoiding significant risk in the crypto space. This move reflects broader challenges in the U.S. regulatory landscape, including recent lawsuits against crypto companies. Description Leading video game retailer GameStop (GME) announced that it would discontinue support for its crypto wallets, a move that comes in the wake of heightened regulatory scrutiny in the United States. The wallets, which enabled users to manage both cryptocurrencies and non-fungible tokens (NFTs), will be removed from the market on November 1, 2023. The … Read more Leading video game retailer GameStop (GME) announced that it would discontinue support for its crypto wallets, a move that comes in the wake of heightened regulatory scrutiny in the United States. The wallets, which enabled users to manage both cryptocurrencies and non-fungible tokens (NFTs), will be removed from the market on November 1, 2023. The company, which rolled out the wallet service around a year ago, has informed customers…

    Article 2023年8月2日
  • Crypto exchange error leads to legal battle: Melbourne couple’s $10.5M misadventure

    TL;DR Breakdown A Melbourne couple is set to stand trial in October on theft charges after spending a substantial sum of money they received by mistake in 2021. By the time the mistake was identified, Manivel and Singh had reportedly embarked on a lavish spending spree.  The couple asserted that they believed they had received a significant prize from the crypto exchange. Description A Melbourne couple is set to stand trial in October on Crypto theft charges after spending a substantial sum of money they received by mistake in 2021. The couple, Thevamanogari Manivel and Jatinder Singh, mistakenly received 10.5 million Australian dollars (AUD), approximately $6.6 million, in their bank account. This inadvertent windfall has since led to … Read more A Melbourne couple is set to stand trial in October on Crypto theft charges after spending a substantial sum of money they received by mistake in 2021. The couple, Thevamanogari Manivel and Jatinder Singh, mistakenly received 10.5 million Australian dollars (AUD), approximately $6.6 million, in their bank account. This inadvertent windfall has since led to legal proceedings and a…

    Article 2023年9月25日
  • Chinese credit rating agency downgrades US credit amid debt ceiling crisis

    TL;DR Breakdown China’s top credit agency, CCXI, has downgraded the US credit rating due to political discord and rising inflation. The agency warns that US creditworthiness is eroding due to repeated breaches of the debt ceiling. This first public concern from a Chinese institution over US debt may raise short-term borrowing costs and impact global financial markets. China’s leading credit rating agency, Chengxin International Credit Rating (CCXI), has downgraded the US credit rating, raising concerns about escalating political discord, spiraling inflation, and the unrelenting deadlock over the US debt ceiling. The downgrade to AAg+ from the previous AAAg is a consequential move that reflects growing anxiety over the fiscal health of the US, the world’s largest economy. Political brinkmanship dampening economic confidence At the heart of the downgrade is the increasing polarization in US politics. The dispute between the two major parties over the debt ceiling has intensified, significantly complicating the negotiations and undermining the likelihood of a timely resolution. As a result, the agency is expressing concern that even if an agreement is reached, the protracted political brinkmanship could…

    Article 2023年5月30日
TOP