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

  • Louis Vuitton digitizes iconic trunk as NFT

    TL;DR Breakdown Louis Vuitton is digitizing its iconic travel trunk as an NFT named the VIA Treasure Trunk. Blockchain technology has enabled a “phygital” trend, merging the physical and digital worlds. The French luxury house has previously shown tech-innovation with its participation in the Aura blockchain project. The fusion of the physical and digital world, known as the “phygital” realm, has been increasingly embraced by the fashion industry. The latest notable stride in this direction is Louis Vuitton’s reimagining of its quintessential travel trunk as a nonfungible token (NFT), named the VIA Treasure Trunk. Blockchain technology, characterized by its transparency and irrefutable evidence of ownership, has enabled the ownership of digital items to mirror the exclusivity and satisfaction experienced in the physical world. It has given rise to ‘digital twins’—unique virtual counterparts to physical objects. High on aesthetic value, these objects are at the forefront of the phygital movement, from Metaverse designer boutiques to online art galleries. Louis Vuitton embracing the phygital trend Louis Vuitton, the French luxury powerhouse, is no newcomer to blockchain. The company has consistently embraced technology…

    Article 2023年6月11日
  • Thailand’s central bank increases key rate to 2.25%, a 9-year high

    TL;DR Breakdown Thailand’s central bank has significantly increased its key interest rate to 2.25%, reaching the highest level in nine years. The central bank maintains its focus on ensuring inflation remains within the target range of 1%-3% Despite political unrest, Thailand’s economy is expected to grow by 3.6% this year. Description Thailand’s central bank has significantly increased its key interest rate, reaching the highest level in nine years. However, alongside this move, there are indications that the bank might be approaching the conclusion of its tightening measures. The Monetary Policy Committee of the Bank of Thailand voted to raise the one-day repurchase rate by 25 basis … Read more Thailand’s central bank has significantly increased its key interest rate, reaching the highest level in nine years. However, alongside this move, there are indications that the bank might be approaching the conclusion of its tightening measures. The Monetary Policy Committee of the Bank of Thailand voted to raise the one-day repurchase rate by 25 basis points to 2.25%, in line with widespread expectations. The policy statement’s wording strongly suggests that they…

    Article 2023年8月2日
  • BRICS bank prioritize local currencies

    TL;DR Breakdown New Development Bank (NDB) of BRICS faces challenges due to sanctions on Russia. Upcoming Johannesburg BRICS summit to discuss increasing local currency usage. Aim is to reduce risks from foreign exchange fluctuations, not just de-dollarization. Description The New Development Bank (NDB), an initiative of the BRICS nations, is facing an inevitable shift. While it was established to serve emerging economies and move away from dollar-dependence, global economic shifts are steering its path differently. Its founding member, Russia, is grappling with sanctions, prompting a reconsideration of the bank’s strategy. The local currency … Read more The New Development Bank (NDB), an initiative of the BRICS nations, is facing an inevitable shift. While it was established to serve emerging economies and move away from dollar-dependence, global economic shifts are steering its path differently. Its founding member, Russia, is grappling with sanctions, prompting a reconsideration of the bank’s strategy. The local currency solution With Johannesburg set to host a significant BRICS summit, there’s a pertinent issue on the table: ramping up local currency usage. The aim? To mitigate the risks associated…

    Article 2023年8月12日
  • Arbitrum price analysis: ARB gains value at $1.20 after a bullish run

    TL;DR Breakdown Arbitrum price shows a positive trend at $1.20 as the bulls take the lead in the market. The buying pressure is strong, and the ARB coin is up by nearly 2.48% in the last 24 hours. Resistance and support levels for the coin are seen at $1.21 and $1.14. The Arbitrum price analysis shows a strong bullish movement, as the ARB/USD pair has breached the $1.14 mark and is now trading above this level. Despite opening today’s session at $1.15, the bulls have gained over 2.48 per cent in the past 24 hours, pushing Arbitrum’s price higher and supporting an uptrend. Cryptocurrency price heat map: Coin 360 At the time of writing, ARB, the native token of Arbitrum, is trading at $1.20, with strong support at the $1.14 level. The bearish was also in control of the price for some time, but then the bulls came in and pushed the prices higher. Most of the cryptocurrencies today are trading in the green, with top coins such as Bitcoin and Ethereum gaining close to 1.35% and 0.25%, respectively, in…

    Article 2023年5月18日
  • $120M crypto scam unveiled in India

    TL;DR Breakdown Law enforcement authorities in India managed to apprehend the key figures responsible for orchestrating a multi-million dollar fraudulent venture that exploited the cryptocurrency space.  The extent of the deception is staggering, as reports suggest that this scheme managed to amass a staggering Rs 1,000 crore (equivalent to 10 billion rupees or approximately $120 million) from unsuspecting victims. Description The Indian Express reported a significant breakthrough in the ongoing battle against cryptocurrency-related Ponzi schemes in India on August 8th. Law enforcement authorities managed to apprehend the key figures responsible for orchestrating a multi-million dollar fraudulent venture that exploited the cryptocurrency space. The scam, centered around a cryptocurrency initiative named STA Crypto Token, claimed to … Read more The Indian Express reported a significant breakthrough in the ongoing battle against cryptocurrency-related Ponzi schemes in India on August 8th. Law enforcement authorities managed to apprehend the key figures responsible for orchestrating a multi-million dollar fraudulent venture that exploited the cryptocurrency space. The scam, centered around a cryptocurrency initiative named STA Crypto Token, claimed to combine cutting-edge solar technologies with the power…

    Article 2023年8月9日
TOP