In an exciting leap towards a more expansive European presence, Crypto.com has successfully landed itself a registered virtual asset service provider in Spain. The official nod from the Bank of Spain was received this Friday, marking a milestone in the cryptocurrency exchange’s continental push.
In the thick of EU regulators gearing up to incorporate the new Markets in Crypto Assets (MiCA) standards, Spain has emerged as a forerunner. The nation seems to be gearing up to create a nurturing environment for all things crypto, showing a refreshing willingness to regulate and foster these activities.
According to a company statement, the registration puts Crypto.com in a prime position to extend a full array of its services to Spanish users. As part of Spain’s approach to crypto oversight, the central bank assumes responsibility for issuing necessary licenses for trading digital currencies and tokens. This effort aims to safeguard users and maintain a keen eye on all crypto trading endeavors.
Obtaining a license is no small feat. Crypto businesses must fulfill a number of requirements, including the provision of several registration forms, a suitability assessment, an anti-money laundering and counter-terrorism financing manual, and a risk analysis document. The Bank of Spain could take up to three months to process an application, per the current procedure.
Despite the recent shutdown of Crypto.com’s institutional exchange service for U.S. clients due to tepid interest spurred by regulatory conditions, the firm has seen a streak of positive news. Earlier this month, it also bagged a license for digital payment token services in Singapore.