Crypto.com has won over the Bank of Spain, obtaining registration as a Virtual Asset Service Provider (VASP).
Summary
Crypto.com is registered as a Virtual Asset Service Provider (VASP) in Spain
Earlier today, the crypto-exchange of Crypto.com announced that it has obtained registration as a Virtual Asset Service Provider (VASP) – a provider of virtual asset services – from the Bank of Spain.
In essence, the cryptocurrency platform succeeded in its regulatory achievement in Spain following a comprehensive review of its compliance with the Anti-Money Laundering Directive (AMLD) and other financial crime laws, as well as user safeguards.
In this regard, Kris Marszalek, CEO of Crypto.com commented:
“Receiving the VASP registration from the Bank of Spain is the latest testament to our commitment to compliance and eagerness to work with regulators and public officials in responsibly advancing crypto and blockchain technology. 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.”
Crypto.com conquers Spain and beyond
Today’s announcement adds to a list of regulatory breakthroughs by Crypto.com in other countries in Europe and beyond.
In fact, earlier this month, the crypto-exchange also announced that it had obtained a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services directly from the Monetary Authority of Singapore (MAS).
Staying in Europe, Crypto.com has also obtained registration as a Digital Asset Service Provider (DASP) from the Autorité des marchés financiers (AMF) in France. Furthermore, Crypto.com is also registered in Italy by the Organismo Agenti e Mediatori (OAM) and in Greece by the Hellenic Capital Market Commission. In Cyprus, on the other hand, Crypto.com is registered with the Securities and Exchange Commission.
Outside the “old continent,” besides Singapore, Crypto.com’s platform is registered with the Financial Conduct Authority (FCA) of the United Kingdom, and by the Virtual Assets Regulatory Authority (VARA) of Dubai.
In South Korea, Crypto.com also boasts of Electronic Financial Transaction Act and Virtual Asset Service Provider registration.
In Australia, it has been approved for registration as a Digital Currency Exchange Provider and Independent Remittance Dealer by AUSTRAC. Not only that, it also got an Australian Financial Services Licence and Australian Credit Licence from the Australian Securities and Investments Commission (ASIC).
The state of the crypto-exchange in the US
Crypto.com is among the crypto-exchanges in the United States that are victims of the crackdown being carried out by the Securities and Exchange Commission (SEC).
The charges include those of insider trading, which involves proprietary trading by the crypto-exchange, manipulating the trading volume of the platform, and offering certain crypto assets recently defined as unregistered securities.
In its specific case, Crypto.com reacted by deciding to leave the name of the Los Angeles-based sports arena unchanged while the company closes its institutional exchanges in the US.
Recently, without any official allegations, five anonymous individuals reported that Crypto.com runs proprietary trading and market making teams, thereby being guilty of conflict of interest.
To these allegations, the platform responded by specifying that most of its revenue comes from its app for retail traders.
What’s more, although it has never been disclosed since its launch, its traders and all participants on the platform including market makers are treated equally by Crypto.com.
Crypto.com has been accused by five anonymous people of running proprietary trading and market making teams.
This report sees it as a potential perpetrator of conflict of interest in the crypto industry.
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