The Singaporean cryptocurrency exchange, Crypto.com continues to aggressively expand its reach, becoming the latest cryptocurrency company officially authorized to operate in Cyprus.
Crypto.com has received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC), the company announced to Cointelegraph on July 22.
The approval allows Crypto.com to offer a number of products and services to customers in Cyprus in compliance with local regulations. This new regulatory milestone is in line with Crypto.com’s growing global presence, as the company has been actively expanding its operations, receiving authorizations to operate in countries such as Italy, Greece, and Singapore.
According to Crypto.com co-founder and CEO Kris Marszalek, the exchange currently prioritizes Europe as the main region for its continued expansion. This is a “testimony to our commitment to compliance and collaboration with regulators,” he said.
Crypto.com is not the only cryptocurrency exchange that has been approved to operate in Cyprus. The main rival exchange, FTX has also expanded in Europe after receiving CySEC approval in March 2022. Other exchanges like Coinbase have also been increasingly interested in expanding across Europe amid the current bear market.
Despite global exchanges increasingly moving into the Cypriot market, the local government has not provided much assurance on crypto regulation in recent years.
LMajor local financial institutions, including the Bank of Cyprus, reportedly blocked Bitcoin (BTC)-related transactions in 2021. In September, CySEC revealed plans to increase supervision of cryptocurrencies by integrating the European Union’s anti-money laundering regulations into Cypriot law.
Crypto.com not only allows users to buy and sell more than 250 cryptocurrencies, but also has services such as Visa prepaid cards with cryptocurrencies. The company has been actively working to simplify payments on its platform, introducing the Google Pay option for Android users in July.
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