Crypto.com Obtains Regulatory Approval from CySEC

Crypto.com, a Singapore-based crypto exchange, has become the latest crypto company to be licensed in Cyprus. On July 22, Crypto.com told Cointelegraph that it had received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC).

Upon receiving the approval, Crypto.com will be able to provide a number of products and services to Cyprus customers in accordance with local regulations. As Crypto.com expands its operations globally, receiving approvals to operate in countries such as Italy, Greece and Singapore, the new regulatory milestone reflects its growing global presence.

According to Crypto.com's CEO, Kris Marszalek, the exchange is currently focusing its expansion on Europe. He described that as a "testament to our commitment to compliance and collaboration with regulators."

Crypto.com recently announced that it had received in-principle approval for its Major Payment Institution License from the Monetary Authority of Singapore (MAS). As soon as the license is granted, the digital asset services provider will be able to offer a wide range of payment services in the region under the Payment Services Act. Clients in the country will be able to utilize Digital Payment Token (DPT) services.

Regulatory authorities in Dubai provisionally approved Crypto.com's Virtual Asset MVP License. In addition, Crypto.com plans to expand its presence in the UAE.

Although the digital asset market is experiencing a difficult period, regulators around the globe are introducing innovation-driven regulations to help companies offer crypto services under regulated infrastructures. With the approval of MAS in principle in March 2022, Sygnum Singapore will be able to conduct additional services under its CMS license.

The French and Italian regulatory authorities approved Binance's application to offer digital asset services in the regions in May 2022. Furthermore, Binance Bahrain gained a full category 4 license during the same month. Bahrain's Central Bank (CBB) granted the company a license.