By Nathan Ferguson
Crypto.com – a crypto exchange based in Singapore – keeps on enthusiastically spread out its span, turning into the latest crypto company formally permitted to run in Cyprus. A regulatory approval has been provided to Crypto.com by Cyprus Securities and Exchange Commission (CySEC), as declared by the company on 22nd July.
Cyprus Gives Regulatory Approval to Crypto.com
With the respective approval, the crypto exchange is authorized to provide several services and products to its consumers within the jurisdiction of the country while complying with the native regulations. The exclusive regulatory milestone is witnessed simultaneous to the expanding international presence of Crypto.com as the platform that has been vigorously growing its activities, obtaining approvals to run in countries such as Singapore, Greece, and Italy.
As per Kris Marszalek – the co-founder of Crypto.com – the exchange at the moment prefers Europe as the chief area for further expansion. He added that the present approval shows their collaboration and compliance with the regulatory bodies. Crypto.com is considered to be the single crypto exchange venue that has been provided with a green signal to carry out its operations in Cyprus. Prominent opponent exchange named FTX has additionally been increasing its range in Europe following it got a certification in March 2022 from CySEC.
Coinbase as well as the rest of such exchanges have also been showing great interest in making expansion within Europe during the continuous bear market. Though the exchanges across the globe are getting an entry into the market of Cyprus, the authorities have not shown assurance regarding the regulation of crypto in the former years.
Well-known financial organizations within the locality, in which Bank of Cyprus is also included, were reportedly putting a prohibition over the transfers in Bitcoin (BTC) in the previous year. In September of 2021, CySEC brought to the front its strategy to grow the crypto oversight by the integration of the Anti-Money Laundering-related regulations of the European Union in its law.
Crypto.com Advances Its Services and Products
Crypto.com permits its customers to not just sell or purchase up to 250 cryptocurrencies however additionally offers the services such as Visa cards compatible with cryptocurrency. Along with endeavoring to widen the area of its activities, the company has also been operating on making the payments more convenient on its venue by launching the facility of Google Pay for the consumers using Android devices in July.