Crypto.com has obtained conditional approval to operate as a Virtual Asset Service Provider (VASP) in the Cayman Islands, according to a Monday announcement. The license will enable the exchange to broaden its institutional offerings in the market.

The Cayman Islands introduced registration requirements for crypto firms in 2020, and Crypto.com completed that process in 2022.

In April 2025, a stricter licensing regime for custodians and trading platforms came into full effect, and Crypto.com is now the first major platform to advance under the new framework.

The company expects to secure full authorization under the Cayman Islands’ VASP licensing framework in the coming months.

“Crypto.com has built our foundation for growth and success on regulation and compliance,” said Kris Marszalek, Co-Founder and CEO of Crypto.com. “We are tremendously proud to be our industry’s leader in licenses and registrations, and to now be the first digital asset firm to receive this approval in the Cayman Islands.”