Singapore-based cryptocurrency trade Crypto.com continues to aggressively broaden its attain, changing into the most recent crypto agency formally licensed to function in Cyprus.
Crypto.com has obtained regulatory approval from the Cyprus Securities and Change Fee (CySEC), the agency introduced to Cointelegraph on Friday.
The approval permits Crypto.com to supply a lot of services and products to prospects in Cyprus in compliance with native rules. The brand new regulatory milestone comes in step with Crypto.com’s rising international presence because the agency has been actively increasing its operations, receiving approvals to function in international locations like Italy, Greece and Singapore.
Based on Crypto.com co-founder and CEO Kris Marszalek, the trade at the moment prioritizes Europe as the principle area for continued enlargement. That could be a “testomony to our dedication to compliance and collaboration with regulators,” he mentioned.
Crypto.com will not be the one cryptocurrency trade that has been accepted to function in Cyprus. Main rival trade FTX has additionally been increasing in Europe after receiving approval from the CySEC in March 2022. Different exchanges like Coinbase have additionally been more and more fascinated by increasing in Europe amid the continued bear market.
Regardless of international exchanges more and more shifting within the Cypriot market, the federal government of Cyprus has not offered an excessive amount of certainty about cryptocurrency regulation lately.
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Main native monetary establishments, together with the Financial institution of Cyprus, had been reportedly blocking Bitcoin (BTC)-related transactions in 2021. In September, CySEC disclosed plans to extend oversight of cryptocurrencies by integrating the European Union’s Anti-Cash Laundering rules into Cypriot regulation.
The Crypto.com trade permits customers to not solely purchase and promote greater than 250 cryptocurrencies but in addition options providers like crypto-enabled Visa playing cards. The agency has been actively working to simplify funds on its platform, introducing the Google Pay possibility for Android customers in July.