In a bid to expand its service offerings in Europe, a leading crypto exchange, Crypto.com, has now obtained a license to operate in Cyprus. The Singapore-based exchange announced the development in a blog post relayed on its official account on Friday. Reportedly, the license means that the exchange can now start offering crypto services to residents of the country.
The Cyprus Securities and Exchanges Commission wants the exchange to operate within the confines of local laws. Additionally, Crypto.com believes the new expansion speaks volumes about its ambition to create a strong global presence. Recall that the exchange had carried out its expansion crusade in Italy, Greece and many others before this moment.
Notably, Crypto.com co-founder Kris Marszalek sees Europe as the exchange’s top priority. He hinted that the company has continued to actualize the mission through sustained efforts to expand its market. According to him, the exchange’s efforts reflect its commitment to compliance and working with regulators.
More so, the co-founder sees acquiring the license in Cyprus as an important step in the company’s attempt to expand its offerings to more customers. As revealed, the exchange is taking steps to improve its ecosystem with 50 million active subscribers.
This development comes shortly after Crypto.com obtained registration approval in Greece through the Hellenic Capital Market Commission. More so, the exchange previously obtained a license approval from the Organismo Agenti e Mediatori in Italy. Likewise, it has obtained an in-principle license for a major payment institution license from the Monetary Authority of Singapore and a provisional license of its digital asset from DVARA.
However, the findings revealed that the Cypriot government has yet to unveil the full crypto regulations despite the increasing migration of crypto companies to its market. Although CYSEC revealed last September its intention to incorporate EU Anti-Money Laundering (AML) regulations into Cypriot laws. The agency believes such measures tend to help improve its oversight of crypto operations in the country.
Founded in 2016, Crypto.com currently provides a platform for users to trade around 250 crypto assets. More so, the exchange is reputed to be one of the fastest growing exchanges in the world, with over 50 million active users. Recently, it launched its Google Pay features to pave the way for Android subscribers.
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