Crypto.com, a fast-rising exchange platform has secured regulatory approval to operate in the Cyprus crypto market, thereby expanding its European presence.
The exchange on July 22 says the Cyprus Securities and Exchange Commissions (CySEC) have given it the green light to operate in the space. With this nod from CySEC, crypto.com can now provide a range of services in Cyprus in accordance with the local regulations.
The approval marks Crypto.com's commitment to expansion while also complying with native regulators to reach broader customers, especially in Europe. Kris Marszalek, CEO, and co-founder of Crypto.com says Europe is key to the exchange's expansion plan.
“Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to more customers," Kris noted.
Famed as one of the renowned exchanges serving Web3.0 users, crypto.com has rigorously pursued its expansion campaign. The CySEC approval follows that of the Hellenic Capital Market Commission in Greece and also Organismo Agenti e Mediatori in Italy.
While it still awaits a full-scale license to operate, crypto.com has a provisional license to provide its services in Dubai. It also has an in-principle approval for a Major Payment Institution in Singapore. Established in 2016, Crypto.com allows its users to trade over 250 cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH).
Crypto exchanges continue with expansion plans
Despite the bearish run in recent times, several exchanges have continued to strengthen their positions in the European market.
FTX was approved to operate in Cyprus after it won an operational license from CySEC in March. Although Cyprus continues to see several global exchanges operate on its shores, regulations on cryptocurrencies are still not very clear.
Just last year, the Bank of Cyprus and other major financial institutions were reportedly against transactions in BTC.
The regulators are also trying to increase the oversight of digital assets including cryptocurrencies through the integration of EU anti-money-laundering rules.
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