Crypto.com Gets Regulatory Approval In The Netherlands
We often hear negative news when crypto exchanges fail to fulfill the requirements and register in a country. The good news, one of the popular crypto exchanges crypto.com got regulatory approval in the Netherlands. Now they can expand their service over there.
This crypto exchange went through a comprehensive review of its business and compliance with the country’s Anti-Money Laundering and anti-terrorism laws. Then finally they got a green signal to offer its services from De Nederlandsche Bank. They are happy about this.
The company achieves a significant milestone by getting regulatory approval. And it shows their commitment to working with regulators and following regulations to be regulatory compliant. Recently they also got a regulatory license in Spain to run their business.
On the flip side, crypto exchange Binance exited the Netherlands after failing to secure regulatory approval from regulators to run their business. Crypto.com makes its move and sees an opportunity in the Netherlands.
Binance recently confirmed about withdrawal of its application for a crypto license in Germany. They are interested to expand their business and offer services over there. So we may see they will get regulatory approval in the future to run their business over there.
I think crypto.com is careful about making its move so that they do not get into trouble. For example, they stopped providing institutional exchange services in the US. Although they pointed out that low demand from institutions and challenging market conditions are the reason for their actions, they did it to stay on the safe side.
Regulators can put extreme pressure on crypto companies. Crypto businesses can focus their shift to go offshore and that would not be good for a country that drives crypto companies away. There will be some sort of balance to support innovation and development.
The central authority cannot destroy something that is truly decentralized. Everything cannot be controlled and that's the truth. Despite regulatory pressure and challenging market conditions, the adoption rate of crypto is going up. It will not slow down, so we will see a bright future in crypto.
