Financial watchdogs all over the world have been putting pressure on the crypto industry to comply with regulations. They have continued to grow their business in spite of this. Additionally, Crypto.com has been active, and it appears that Spain is its most recent location. The exchange recently reported on its blog that it had received a Virtual Asset Service Provider [VASP] registration from the Bank of Spain, allowing it to conduct business there.
Crypto.com now has the opportunity to offer its extensive variety of products and services to customers in Spain after purchasing the VASP registration from the Bank of Spain. The platform now has more opportunities thanks to this registration. This is done in order to service the Spanish market and meet the demands of the nation’s crypto aficionados. CEO of Crypto.com, Kris Marszalek, addressed the issue and said,
As we provide our products and services to the market and give users the thorough, secure, and safe crypto experience they want, we look forward to continuing our collaboration with the Bank of Spain.
Additionally, Spain would surely be a fantastic market for cryptocurrencies. The largest bank in Spain, Santander Bank, has lately launched a campaign to inform its customers about cryptocurrencies. This was accomplished through an internet teaching series called “Digital Assets 101.”
Here are the steps Crypto.com had to take to obtain this license.
For Crypto.com, getting the licence was a challenging task. To make certain that the exchange strictly complied with the Anti-Money Laundering Directive (AMLD), a rigorous evaluation process was required. Additionally, it had to abide by numerous laws against financial crime. The exchange also had to show that its strong protections for user interests were in line with regional regulatory standards. Marszalek continued,
Receiving the VASP registration from the Bank of Spain is the most recent evidence of our dedication to compliance and desire to cooperate with lawmakers and regulators in responsibly promoting blockchain and cryptocurrency technology.
