Crypto.com, an emerging exchange platform, has been granted regulatory approval to operate on the Cyprus crypto market. This will allow it to expand its European presence.
The exchange will open on July 22 says The Cyprus Securities and Exchange Commissions have granted crypto.com permission to operate in this space. This CySEC approval means that crypto.com will now be able to provide services in Cyprus according to local regulations.
This approval signifies Crypto.com’s commitment for expansion and compliance with local regulators in order to reach more customers, particularly in Europe. Kris Marszalek is the CEO and co-founder at Crypto.com. He says Europe is crucial to the exchange’s growth plan.
“Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to more customers,” Kris noted.
Crypto.com is a well-known exchange that serves Web3.0 users. It has relentlessly pursued its expansion plans. Following the approval of the Hellenic Capital Market Commission (Greece) and Organismo Agenti e Mediatori (Italie), CySEC has now approved it.
It still needs a full-scale operating license. However, crypto.com is able to provide services in Dubai under a provisional license. It also has an in principle Approval A Major Payment Institution in Singapore. Crypto.com was established in 2016 and allows users to trade more than 250 cryptocurrencies Includes Bitcoin (BTC), as well as Ethereum (ETH).
With expansion plans, crypto exchanges keep expanding
Despite recent bearish trends, several European exchanges have managed to maintain their market leadership.
FTX was Approved to Operate in Cyprus CySEC granted it an operational license in March. While several international exchanges continue to operate in Cyprus, regulations regarding cryptocurrencies are not yet clear.
The Bank of Cyprus, along with other financial institutions, was reportedly against transactions last year. BTC.
The regulators are also trying to increase the oversight of digital assets including cryptocurrencies through the integration of EU anti-money-laundering rules.