The license requires the company to adhere to strict financial standards under the MiFID II framework. These include the protection of clients’ funds, capital adequacy controls, and full transparency of its business operations.
Crypto.com Says It Is Committed To Collaboration And Compliance
Following the license, Crypto.com can take advantage of the new regulatory profile to expand its services in the European Market. Additionally, the firm can now assure its users they are operating on a resulted platform, which provides confidence for trading and investments. The platform, through the license, is now capable of working with digital asset-based derivatives.
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Co-Founder and Chief Executive Officer of Crypto.com, Kris Marszalek, commented on the development. He noted that the company has identified Europe as its priority region. The expansion of its markets is another reminder of its commitment to collaboration and compliance with regulators. He added that the firm’s license in Cyprus is a major step toward its collective objectives to expand its products and services to more customers.
Crypto.Com Expands Operations In Europe And Asia
The Cyprus license is coming barely a few days after Crypto.com gained another operational license in Italy. The company was approved as a virtual currency and digital services wallet services provider. The approval will enable the firm to provide a wide range of digital asset products and services to Italian customers. It will also enable the company to expand its team across the country.
A few weeks ago, Crypto.com also received regulatory approval from the Monetary Authority of Singapore (MAS), as it continues its global expansion. The company was approved to offer its digital asset products and services in the country. This means that the firm has been given the authority to set up its business in Singapore until the full license is approved.
Last month, Crypto.com received provisional approval from the local regulatory authority in Dubai to operate in the region. The provisional approval gives Crypto.com the authority to continue with its application process for a full-scale license.