Crypto.com has officially secured its Virtual Asset Service Provider (VASP) registration from the Bank of Spain. This marks a significant milestone for the crypto exchange, coming at a time when the regulatory landscape in the US market has challenges and uncertainties.
Following a thorough evaluation of Crypto.com’s anti-money laundering processes, the Spanish license was granted, signifying a comprehensive review conducted by regulatory authorities.
This approval from the Bank of Spain adds to a series of recent regulatory approvals granted to Crypto.com by central banks and regulators worldwide.
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Over the past months, Crypto.com has received endorsements from various international jurisdictions, including Singapore, the UK, France, Australia, the UAE, the Cayman Islands, Greece, Cyprus, Canada, and the US.
Crypto.com CEO Kris Marszalek, stated:
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.
With the successful acquisition of the Virtual Asset Service Provider (VASP) registration from the Bank of Spain, Crypto.com can now extend its comprehensive range of products and services to digital asset users in Spain.
Crypto.com Navigates Complex Process To Secure VASP
Crypto.com, which was founded in 2016, has amassed a customer base of over 80 million users worldwide. Despite its rapid growth, the company has consistently emphasized regulatory compliance, security, and privacy as fundamental aspects of its operations.
Securing the license was a complex and meticulous process for Crypto.com. The exchange underwent a thorough evaluation to ensure strict adherence to the Anti-Money Laundering Directive (AMLD) and various financial crime regulations.
Additionally, Crypto.com had to demonstrate the implementation of strong safeguards to protect user interests, aligning seamlessly with the regulatory framework of the region.
Marszalek said:
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.
In 2021, the Bank of Spain established a registry specifically for crypto service providers, and notable firms such as Binance, Bitstamp, and the banking platform BVNK have since registered with the regulatory body.
The finalization of the European Union’s Markets in Crypto Assets (MiCA) framework means that regulators in member states, including Spain, will soon begin implementing new standards and requirements in line with this framework.
Recently, however, Crypto.com faced criticism after allegations surfaced that it had deployed internal teams to engage in token trading for profit, sparking significant concerns within the crypto industry.
The report also indicated that the exchange’s executives instructed their team members to deny the existence of any internal market-making activities.
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