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Bank of Spain welcomes Crypto.com as registered service provider, emerges as early adopter of MiCA regulations

  • Crypto.com has successfully received a Virtual Asset Service Provider license from the Bank of Spain early on Friday. 
  • Spain has positioned itself as an early adopter of the European Union’s Markets in Crypto Assets. 
  • Prior to its entry into Spain, Crypto.com announced the closure of its institutional exchange service for US-based customers. 
Bank of Spain welcomes Crypto.com as registered service provider, emerges as early adopter of MiCA regulations
Ekta MouryaEkta MouryaFXStreet

Crypto.com, a Singapore-based crypto exchange platform, received a license to operate as a Virtual Asset Service Provider (VASP) in Spain. The European Union (EU) recently made progress in its Markets in Crypto Assets (MiCA) regulation, and Spain has emerged as an early adopter.

The exchange recently bid farewell to US-based institutional clients in a turbulent regulatory environment.

Also read: BlockFi creditors closer to recover $300 million as SEC temporarily foregoes penalty

Crypto.com hits key regulatory milestone, welcomes as licensed entity in Spain

Crypto.com announced early on Friday that the exchange has received its Virtual Asset Service Provider registration from Spain’s central bank. Spain emerged as an early adopter of the EU's MiCA regulation. 

Following a comprehensive review of the exchange’s compliance with the Anti-Money Laundering Directive (AMLD) and other financial crimes laws, Bank of Spain awarded the license to Crypto.com. The Singapore-based cryptocurrency exchange platform is now licensed to rollout its suite of crypto products and services to Spain-based customers. 

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

said Kris Marszalek, CEO of Crypto.com.

Cronos (CRO), the native token of Crypto.com, climbed 8% over the past week. Crypto.com’s expansion plans and licenses for providing services across EU nations could fuel CRO’s upward momentum in the long term.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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