Crypto.com Receives A Regulatory License in Spain
Singapore-based crypto exchange crypto.com expands its global reach and finally obtained a Virtual Asset Service Provider registration from the Bank of Spain. This is great news for the crypto exchange. Due to regulatory scrutiny, there are a lot of restrictions and there is something that is not explicit.
To avoid unnecessary hassle and difficult situations, they take different steps to position themselves in a safe zone. Now crypto.com can provide its services to the people in Spain. The exchange went through a process to get the regulatory license. Everything is reviewed from Anti-Money Laundering Directive (AMLD) and other financial crimes laws' perspectives.
As per Crypto.com CEO Kris Marszalek's statement, they want to keep working with the Bank of Spain and provide a safe and secure crypto experience to the users. It also shows the exchange complies with the regulations and follows the guidelines of the regulatory agencies.
When there is regulatory clarity, I do think crypto companies will follow that to operate their business. But if that remains unclear intentionally or unintentionally, that is not helpful to run crypto businesses. The regulatory agencies come and accuse of something that crypto companies are not aware of.
Some crypto trading platforms delisted specific cryptocurrencies after the U.S. SEC's lawsuits against Binance and Coinbase and putting labels of some cryptos as securities. Crypto.com stops providing US institutional exchange services pointing out limited demand for institutional customers.
When the exchange is accused of manipulating market prices, that is not good for its reputation. Crypto.com denied all allegations about market price manipulations. They have an internal market maker that is used to lower the spread and improve order book liquidity. The thing is, it is treated exactly as a third-party market maker.
It is good to see that crypto.com works on expanding its business and focusing on other countries where it will get more opportunities. Not only Spain, this cryptocurrency exchange also received green signals from regulators in the UK, Australia, France, Dubai, South Korea, Italy, Greece, Cyprus, and the Cayman Islands. In spite of challenging situations, we will see more adoption of crypto and things will get better.
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