Crypto.com Is Authorized To Operate In Cyprus Through CySEC

Leading cryptocurrency exchange, Crypto.com, has announced it has received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) to continue its European expansion. The news comes days after the Italian financial regulator OAM agreed to CryptoCom to provide digital asset products and services.

According to the official press release, Crypto.com will now be able to offer a wide range of products and services to customers in the island nation while complying with local regulations.

In the recent past, Crypto.com has also scored a registration from the Hellenic Capital Markets Commission of Greece, the Italian Organismo Agenti e Mediatori (OAM), in the principle of approval of a Principal Paying Institution License from the Authority. Monetary Authority of Singapore (MAS) and provisional approval for its Virtual Currency Property License from Dubai Virtual Assets Authority.

Commenting on the latest regulation, Crypto.com Co-Founder and CEO Kris Marszalek said Europe remains an important region for the platform’s expansion efforts. The moderator went on to add:

“Europe is a priority region for Crypto.com, and our continued expansion in the market is a testament to our commitment to compliance and collaboration with regulators. Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to more customers.”

Despite global exchanges increasingly moving in the Cypriot market, Cyprus’s government has not provided much certainty about cryptocurrency regulation in recent years.

Major local financial institutions, including the Bank of Cyprus, reportedly blocked Bitcoin (BTC)-related transactions in 2021. In September, CySEC disclosed plans to increase oversight of cryptocurrencies by integrating the European Union’s Anti-Money Laundering regulations into Cypriot law.

The Crypto.com exchange allows users to buy and sell more than 250 cryptocurrencies and features services like crypto-enabled Visa cards. The firm has been actively working to simplify payments on its platform, introducing the Google Pay option for Android users in July.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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