Despite facing regulatory scrutiny worldwide, the cryptocurrency industry continues its expansion efforts. Crypto.com is among the companies actively pursuing growth opportunities, with Spain becoming its latest target. In a recent blog update, the exchange revealed that it has successfully acquired a VASP registration from the Bank of Spain. This registration empowers this platform to conduct its operations within the country, signaling its entrance into the Spanish market.
After obtaining the VASP registration from the Bank of Spain, this exchange now possesses the necessary authorization to offer its wide array of products and services to users located in Spain. This registration not only unlocks fresh possibilities for the platform but also enables it to cater to the demands of crypto enthusiasts in the country. Kris Marszalek, CEO of Crypto.com, acknowledged this significant development and commented,
“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.”
Moreover, Spain presents a promising market for digital assets. Santander Bank, a prominent Spanish banking institution, has taken a proactive approach by launching an initiative to educate its clients about digital currencies. To achieve this, the bank introduced an educational series called ‘Digital Assets 101’ on its website, aiming to provide valuable information and insights on the subject.
The Journey to Securing the License: Crypto.com’s Efforts Unveiled
Obtaining the license was a multifaceted and intricate endeavor for the exchange. The exchange underwent a comprehensive evaluation process to ensure meticulous adherence to the Anti-Money Laundering Directive (AMLD) while also complying with various financial crime regulations. Additionally, Crypto.com had to showcase robust protective measures to safeguard user interests, aligning with the regulatory framework specific to the region. In reference to these achievements, Marszalek expressed:
“The reception of the VASP registration from the Bank of Spain serves as the latest testament to our dedication to compliance and our eagerness to collaborate with regulators and public officials in responsibly advancing the field of digital assets and blockchain technology.”