- Crypto.com has obtained a crypto license from the Bank of Spain.
- The exchange will be able to offer its products and services in Spain.
- Crypto.com has recently acquired a few other crypto licenses.
The Crypto.com exchange has had a rough year. After the FTX fiasco, rumors plagued the exchange that it was also insolvent, crashing its CRO token to unseen lows.
On top of that, Crypto.com recently shut down its institutional business in the U.S. However, it’s not all bad for Crypto.com: The exchange has just obtained a regulatory license in Spain.
Crypto.com’s Journey to Iberia
Crypto.com, one of the most popular centralized crypto exchanges, will expand to Spain. On Friday, the exchange announced it had obtained a crypto license in the country.
The Virtual Asset Service Provider (VASP) registration that Crypto.com has secured from the Bank of Spain will allow the exchange to offer a suite of its products and services to users in Spain.
Crypto.com revealed that it had to thoroughly review its compliance with Anti-Money Laundering Directive (AMLD) and other financial crimes laws to safeguard users.
Kris Marszalek, CEO of Crypto.com, said that receiving the VASP registration in Spain is the “latest testament to our commitment to compliance and eagerness to work with regulators” to advance crypto and blockchain technology.
“We look forward to continuing to work with the Bank of Spain as we launch our products and services in-market and providing users with the comprehensive, safe and secure crypto experience that they desire.”
Crypto.com’s obtaining the regulatory license in Spain comes a few weeks after the exchange received a similar license in Singapore. Crypto.com already has various licenses in France, the UAE, Cyprus, and elsewhere.
However, Crypto.com shut down its institutional business in the U.S. just a few weeks ago, citing “limited demand” in the “current market landscape.”
On the Flipside
- Demand and trust in centralized crypto exchanges have never been lower. BTC and ETH holdings on centralized exchanges are at an all-time low.
Why This Matters
Centralized crypto exchanges acquiring licenses in Europe and elsewhere says a lot about the current environment for crypto in the U.S.
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