Digital asset exchange Crypto․com has been approved for registration as a crypto service provider in the Netherlands. The regulatory nod comes after a review of its business operations and compliance with the Dutch anti-money laundering legislation, the company pointed out.
Trading Platform Crypto․com Adds Another Regulatory Approval in Europe
Cryptocurrency exchange Crypto․com has secured an approval for registration with the Dutch central bank as a provider of crypto services in the Netherlands. The confirmation follows a comprehensive review of its compliance with the country’s Money Laundering and Terrorist Financing (Prevention) Act, the company noted in a press release.
Crypto․com’s CEO Kris Marszalek described the registration approval from De Nederlandsche Bank (DNB) as a significant milestone for the company’s business and a testament to its commitment to compliance. He was also quoted as stating:
Collaborating with regulators to responsibly advance the crypto and blockchain industry is of paramount importance to Crypto.com.
Marszalek further emphasized that the exchange looks forward to continuing to work with the DNB and other regulators around the world. With the Dutch registration, the trading platform adds another approval from authorities in Europe amid increased regulatory uncertainty and scrutiny for the industry in many jurisdictions.
The Singapore-based crypto exchange has already obtained its license as a Major Payment Institution (MPI) for digital token payments, e-money issuance, account issuance, and cross-border and domestic money transfer services from the city-state’s monetary authority. It has registrations and authorizations in the U.S., Australia, Dubai, and South Korea.
On the Old Continent, Crypto․com has received registration as a Digital Asset Service Provider (DASP) from the Financial Markets Authority (AMF) of France and registration approval as a crypto asset business from the U.K.’s Financial Conduct Authority (FCA). The crypto firm is registered as a Virtual Asset Service Provider (VASP) in Spain as well and has registrations in Italy, Greece and Cyprus.
Crypto․com’s approval in the Netherlands comes after the decision of to pull out of the Dutch market after failing to obtain registration as a crypto service provider. Sayings it wants to focus on fewer regulated entities in Europe, the world’s largest exchange for digital assets also applied for deregistration in Cyprus, canceled its U.K. authorization, and withdrew its license applications in Germany and Austria. In the past months, Binance has been under increased pressure from regulators around the world.
The EU is yet to implement its package of comprehensive regulations for the sector, the Markets in Crypto Assets (MiCA) law. A provisional agreement on the legislation was reached in June 2022, EU lawmakers voted to approve it in April of this year and the EU Council adopted the new rules in May. However, their Union-wide implementation is expected to take another 18 months.
What future do you see for cryptocurrency exchanges operating in Europe? Share your thoughts on the subject in the comments section below.
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