Cryptocurrency exchange Crypto.com continues its global expansion after securing approval to operate as a virtual asset service provider (VASP) in the Cayman Islands.
Singapore-based crypto exchange Crypto.com has managed to obtain regulatory approval to offer its services in the Cayman Islands it announced on Thursday, August 11. The company said it gained approval from the country’s primary financial market regulatory body, the Cayman Islands Monetary Authority (CIMA). The exchange noted explained that approval makes it possible for it to offer a range of digital asset products and services that are compliant with the islands’ regulations. Co-founder and CEO of Crypto.com Kris Marszalek, said in a statement that the approval is testament to the platform’s continued dedication to compliance. He added that the development proves Crypto.com’s “constructive approach to regulator engagement.” Marszelak said,
This regulatory approval in the Cayman Islands is the latest example of Crypto.com’s commitment to compliance and our constructive approach to regulator engagement. We look forward to expanding our suite of offerings and services available, and continuing to work with stakeholders across sectors on advancing blockchain technology.
With over 50 million users worldwide, Crypto.com continues to grow and expand its ecosystem actively. Thursday’s announcement follows a string of announcements that the exchange received approval to operate in a number of regions. On Monday, August 8, Crypto.com announced it had secured access to the South Korean crypto market after acquiring two local companies that will provide it with VASP registration in the country. Marszalek said of the acquisitions:
This is an exciting next step for Crypto.com in an important market. We are committed to working with regulators to continue to bring our products and services to market, particularly in countries like South Korea where consumers have shown strong interest and adoption of digital currencies.
In July, the exchange announced that it had secured approval from the Cyprus Securities and Exchange Commission to operate within regulations in Cyprus. Crypto.com has also successfully expanded its operations in Italy after securing a regulatory license in the country.
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