Spain Gives Crypto.com Green Light to Set Up Shop

Cryptocurrency exchange Crypto.com today announced that it has received a Virtual Asset Service Provider (VASP) registration from the Bank of Spain.

The approval means that the Singapore-based platform will be able to “offer a suite of its products and services to users in Spain.”

Spain’s central bank decides which platforms can legally trade digital assets in the country. The country has to comply with the European Union’s Markets in Crypto Assets (MiCA) legislation—set to become law next year.

“We look forward to continuing to work with the Bank of Spain as we launch our products and services in-market and providing users with the comprehensive, safe and secure crypto experience that they desire,” Crypto.com CEO Kris Marszalek said in a Friday announcement.

The announcement added that it received the VASP registration after a review of its compliance with Anti-Money Laundering Directive (AMLD) and other financial crimes laws. Countries need to grant crypto firms VASP licenses as part of the MiCA legislation.

MiCA, which applies to those “engaged in the issuance, offer to the public and admission to trading of crypto-assets or that provide services related to crypto-assets in the Union,” will mean digital asset firms will face greater scrutiny and stricter rules when it comes to the implementation of new anti-money laundering (AML) and data security procedures.

Crypto.com is a platform that allows clients to buy and sell cryptocurrencies. It also offers a debit card which allows clients to spend digital assets and earn rewards.

The Financial Times earlier this week reported that the exchange’s staff were trading tokens for profit. Crypto.com told Decrypt that it did not rely on proprietary trading as a source of revenue as the newspaper report claimed.

Earlier this month, Crypto.com announced that it would wind down its institutional service for American clients.