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.
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