Crypto.com, based in Singapore, has received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) to begin operations in the country.
Crypto.com, which has over 50 million users worldwide, has received regulatory approval from the CySEC to offer several products and services to customers in Cyprus following local regulations, according to a press release issued on July 22.
The approval is part of Crypto.com’s expanding global presence, particularly in Europe, where the company has been aggressively expanding its operations. The Hellenic Capital Market Commission has recently registered Crypto.com.
Organismo Agenti e Mediatori (OAM) of Italy has received in-principle approval from the Monetary Authority of Singapore for a Major Payment Institution License, as well as provisional approval from the Dubai Virtual Assets Regulatory Authority for its Virtual Asset License.
According to Kris Marszalek, co-founder, and CEO of Crypto.com: Europe is a priority region for Crypto.com, and our continued market expansion demonstrates our dedication to compliance and collaboration with regulators. Our registration in Cyprus is the next important step in our ongoing progress as we offer more products and services to more customers.
Crypto.com is not the only exchange in Cyprus that has received regulatory approval. Its main competitor, FTX, has also been expanding into Europe and received CySEC approval in March 2022. Along with FTX and Crypto.com, other major exchanges such as Coinbase have been expanding into Europe in response to the ongoing crypto bear market.
Despite the fact that many exchanges have already received regulatory approval in Cyprus, the government has provided little certainty regarding cryptocurrency regulation in recent times. In 2021, major financial institutions, including the Bank of Cyprus, were said to be blocking Bitcoin-related transactions. In September 2021, the CySEC announced plans to increase cryptocurrency oversight by incorporating the European Union’s anti-money laundering regulations into its national law.
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