The approval gives Crypto.com the authority to provide a wide range of products and services to customers in Cyprus that are in compliance with the laws of the country. The most recent regulatory achievement is in line with Crypto.com’s growing global presence. The firm has been actively expanding its operations in countries such as Italy, Greece, and Singapore, all of which have granted it permission to do business there.
According to Kris Marszalek, co-founder and CEO of Crypto.com, the cryptocurrency exchange is now leaning toward Europe as its key region for expansion. He went on to say that this “illustrates our commitment to complying with the law and working with the appropriate authorities.”
In the country of Cyprus, Crypto.com is not one of the several trading platforms that have been given the green light to begin operations. Following its successful appeal to the Cypriot Securities and Exchange Commission in March, the main rival exchange FTX has also been expanding its operations throughout Europe. In the wake of the ongoing bear market, other cryptocurrency exchanges, most notably Coinbase, have shown increased interest in doing business in Europe.
In recent years, the authorities of Cyprus have not actually supplied a great deal of clarity on the regulation of cryptocurrencies, despite the rising presence of foreign exchanges on its market. This is despite the fact that the number of foreign exchanges has been expanding. It was reported in 2021 that several regional financial institutions, such as the Bank of Cyprus, were restricting transactions relating to Bitcoin (BTC). In September, the Cyprus Securities and Exchange Commission (CySEC) made public its plan to incorporate the anti-money laundering laws of the European Union into Cypriot law in order to better cryptocurrency regulation.
The Crypto.com exchange provides its users with a variety of services, including crypto-enabled Visa cards, in addition to the ability to buy, sell, and trade more than 250 different cryptocurrencies. As the business worked to simplify the payment process on its platform, Google launched Google Pay in July as an alternate payment method for Android customers.