After CySEC approval, Crypto.com will follow FTX’s lead and target aggressive expansion in Europe. Crypto.com, a cryptocurrency exchange based in Singapore, continues to expand its reach and is now officially licensed to operate in Cyprus.
Crypto.com received regulatory approval by the Cyprus Securities and Exchange Commission, the firm informed Cointelegraph on July 22.
This approval allows Crypto.com to offer products and services in Cyprus to its customers, in accordance with local regulations. This new regulatory milestone is in line with Crypto.com’s expanding global presence. The firm has received approvals in order to operate in countries such as Singapore, Italy , and Greece .
Kris Marszalek (Crypto.com CEO and co-founder) stated that the exchange is currently focusing on Europe as its main region of expansion. He said that this is “a testament to our commitment to compliance, collaboration with regulators.”
Crypto.com isn’t the only cryptocurrency exchange approved to operate in Cyprus. After receiving CySEC approval in March 2022, major rival exchange FTX has been expanding in Europe. Other exchanges, such as Coinbase, have also been more interested in expanding Europe during the current bear market.
Despite the fact that global exchanges are increasingly moving to the Cypriot market in recent years, the government has not offered much certainty regarding cryptocurrency regulation in recent times.
Major local financial institutions, such as the Bank of Cyprus, had been reported to have blocked Bitcoin ( Bitcoin__)-related transactions in 2021. CySEC revealed plans in September to improve oversight of cryptocurrency through the integration of anti-money laundering regulations from the European Union into Cypriot law.
Users can not only sell and buy more than 250 cryptocurrency but also features services such as crypto-enabled Visa card. In July, the firm introduced the Google Pay option to Android users. This was in response to the need to make payments easier on its platform.
