Singapore-based cryptocurrency exchange Crypto.com has secured regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) to officially operate in the country.
With over 50 million users worldwide, Crypto.com has received regulatory approval from the CySEC to offer a number of products and services to customers in Cyprus in compliance with local regulations, it announced in a press release on July 22. The approval comes as part of Crypto.com’s growing global presence, particularly in Europe, as the firm has been actively expanding its operations. Crypto.com recently received registration from Greece’s Hellenic Capital Market Commission. Italy’s Organismo Agenti e Mediatori (OAM), in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore, and provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority.
According to co-founder and CEO of Crypto.com, Kris Marszalek,
Europe is a priority region for Crypto.com and our continued expansion in the market is a testament to our commitment to compliance and collaboration with regulators. Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to more customers.
Crypto.com is not the only exchange to have been granted regulatory approval in Cyprus. Its major rival FTX has also been expanding its reach into Europe and received its approval from the CySEC in March 2022. Along with FTX and Crypto.com, other major exchanges such as Coinbase have also been increasingly expanding into Europe amid the ongoing crypto bear market.
Despite many exchanges having already gained regulatory approval in Cyprus, the government has not provided much certainty over cryptocurrency regulation in recent times. Major financial institutions, including the Bank of Cyprus, had been reportedly blocking Bitcoin-related transactions in 2021. In September 2021, the CySEC disclosed that it had plans to increase oversight of cryptocurrencies by integrating the European Union’s Anti-Money Laundering regulations into its national law.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
