Crypto.com has been licensed in the Netherlands to provide cryptocurrency services; the exchange said in a statement today (Friday). The license was awarded by the Dutch central bank (DNB) after the company met the legal requirements to prevent money laundering and terrorism financing.
Crypto.com Expands Its Operations
The Netherlands is the latest country in Europe to license the Singapore-based cryptocurrency exchange. The company was awarded a Digital Asset Service Provider (DASP) license in France, while in the UK, it operates on a crypto asset business license. Additionally, the exchange is regulated in Italy, Greece, Cyprus, Spain, South Korea, and Australia.
Commenting about the license, Kris Marszalek, the CEO of Crypto.com, said: "Collaborating with regulators to responsibly advance the crypto and blockchain industry is of paramount importance to Crypto.com. This approval from the central bank of the Netherlands is a significant milestone for our business and the latest testament to our commitment to compliance."
The Dutch central bank has since registered 36 cryptocurrency firms, including Coinbase, eToro, and Bitstamp. Although the number is expected to increase, the regulator maintains a tough stance concerning crypto trading in the country.
The Netherlands Regulates Crypto
In the past, DNB has fined major cryptocurrency exchanges, including Binance and Coinbase, millions of euros for allegedly operating in the country without a license. Binance announced in June that it was leaving the Netherlands after failing to obtain a virtual asset service provider (VASP) license.
In May, Laura van Geest, the Chair of the Executive Board of the Dutch Authority for the Financial Markets (AFM), said in an article translated from Dutch that digital assets were vulnerable to deception and fraud. She added that according to a survey conducted by the AFM, the number of cryptocurrency traders in the Netherlands was less than 2 million; most traders invested less than 1,000 euros; and they rarely borrowed money to conduct trades.
Recently, cryptocurrency exchanges have been competitively motivated to obtain licenses in Europe after the EU passed the Markets in Crypto-Assets Regulation (MiCA), a set of regulations considered as the most comprehensive in the sector. MiCA aims to protect investors of digital assets, promote environmental sustainability, and prevent money laundering.
This article was written by Jared Kirui at www.financemagnates.com.
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