Crypto.com, a Singapore-based cryptocurrency exchange, has received a Virtual Asset Service Provider (VASP) registration from the Bank of Spain, granting it permission to operate and offer its suite of products and services to users in Spain. The approval process involved a review of the platform’s compliance with Anti-Money Laundering Directive (AMLD) and other financial crimes laws. This registration aligns with the European Union’s upcoming Markets in Crypto Assets (MiCA) legislation, which Spain must adhere to.
By obtaining the VASP registration, Crypto.com aims to provide users in Spain with a comprehensive, safe, and secure crypto experience. The CEO of Crypto.com, Kris Marszalek, expressed enthusiasm for working with the Bank of Spain as the platform enters the Spanish market.
MiCA legislation imposes stricter rules and heightened scrutiny on digital asset firms engaged in activities such as issuing, publicly offering, trading crypto-assets, or providing related services within the European Union. This legislation necessitates countries to grant VASP licenses to crypto companies. Consequently, digital asset firms will need to implement robust anti-money laundering (AML) and data security procedures.
Crypto.com provides a range of services, such as cryptocurrency trading and a debit card that enables users to spend digital assets and earn rewards. The company has explicitly stated that it does not depend on proprietary trading for generating revenue, countering a recent report by the Financial Times that implied otherwise. Furthermore, Crypto.com has announced the gradual discontinuation of its institutional service for customers in the United States.
The approval from the Bank of Spain signifies a significant milestone for Crypto.com as it expands its presence in the Spanish market, catering to the growing demand for crypto-related products and services.