Crypto.com announced that it has received its Virtual Asset Service Provider (VASP) registration from the Bank of Spain.
Crypto.com secured this registration “following a comprehensive review of its compliance with Anti-Money Laundering Directive (AMLD) and other financial crimes laws, as well as measures to safeguard users.”
With this registration, Crypto.com may offer “a suite of its products and services to users in Spain.”
Kris Marszalek, CEO of Crypto.com, said:
“Receiving the VASP registration from the Bank of Spain is the latest testament to our commitment to compliance and eagerness to work with regulators and public officials in responsibly advancing crypto and blockchain technology. 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.”
This latest announcement “continues Crypto.com’s regulatory license momentum, having received its Major Payment Institution (MPI) licence for Digital Payment Token (DPT) and its MPI for e-money issuance, account issuance, cross border and domestic money transfer services from the Monetary Authority of Singapore; registration as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France.”
Crypto.com has obtained registration approval as a crypto asset business in other jurisdictions as well.
Founded in 2016, Crypto.com claims it is “trusted by more than 80 million customers worldwide and is the industry leader in regulatory compliance, security and privacy.”
Their vision is simple: Cryptocurrency in Every Wallet. Crypto.com is “committed to accelerating the adoption of cryptocurrency through innovation and empowering the next generation of builders, creators, and entrepreneurs to develop a fairer and more equitable digital ecosystem.”
As covered in January 2023, Crypto.com announced that it has decided to cut its workforce by 20%, joining a litany of Fintechs that have been compelled to reduce costs due to the difficult economy. The company did not provide an exact number of job losses.
Kris Marszalek, co-founder and CEO of Crypto.com, said that while the company is performing well that are having to navigate “ongoing economic headwinds.” He also pointed a finger of blame at FTX and its failure – an event that has impacted the entire digital asset industry driving fear and concern of contagion.
“We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments. The reductions we made last July positioned us to weather the macro economic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It’s for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success.”
