Crypto.com Secures Regulatory Approval in Spain

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Crypto.com, a cryptocurrency exchange servicing over 50 million customers, announced on Friday that it has successfully secured its virtual asset service provider (VASP) registration from the Bank of Spain. This registration, achieved after a rigorous evaluation of its compliance with the Anti-Money Laundering Directive (AMLD) and other finance-related laws, also involved a review of its user safety measures.

As a result of the VASP approval, Crypto.com is now eligible to extend a broad spectrum of its products and services to Spanish customers.

The Bank of Spain introduced a registration process for cryptocurrency service providers in 2021, with key players such as Binance, Bitstamp and banking platform BVNK already registered with the regulator.

Upon securing the VASP registration, Kris Marszalek, CEO of Crypto.com, reaffirmed the firm’s commitment to regulatory compliance and readiness to collaborate with regulatory bodies and public officials to facilitate responsible growth in the crypto and blockchain sector:

“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.”

The registration comes on the heels of the European Union finalizing the new Markets in Crypto-Assets (MiCA) regulations, with Spain and other member nations preparing to enforce new standards in line with the framework.

While other exchanges have been able to secure regulatory success in the EU post-MiCA approval, exchanges such as Binance have not been so successful in some EU Member States. The industry’s biggest exchange requested to leave Cyprus to focus on other EU branches post-MiCA regulations and failed to secure a VASP license in the Netherlands.

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