Crypto.com has successfully obtained registration as a virtual asset service provider from the Bank of Spain, the company said Friday.
With regulators in the European Union set to adopt new standards and requirements aligned with Markets in Crypto Assets (MiCA), Spain appears to be positioning itself as an early adopter and regulator-friendly environment for crypto-related activities.
“With this registration, Crypto.com may offer a suite of its products and services to users in Spain,” the exchange said in a statement.
Spain’s central bank, the Bank of Spain, is responsible for granting licenses for the trading of cryptocurrencies and digital tokens. These licenses are aimed at safeguarding users and overseeing the activities of crypto trading.
To obtain a license, companies must provide a currency exchange registration form, custody service registration form, suitability assessment form for the company and its management, a manual for preventing money laundering and terrorist financing and a risk analysis document.
Institutions should apply via an electronic registry, and the central bank will take up to three months to process the application, according to a process description.
The development follows the closure of Crypto.com’s institutional exchange service for customers in the US.
Crypto.com clarified that the reason behind that decision was the insufficient interest caused by the current regulatory conditions in the US, a likely reference to ongoing legal actions against prominent exchanges Binance and Coinbase.
Despite the setback, June hasn’t been so bad for the exchange, as it also scored a license for digital payment token services in Singapore.
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Source: https://blockworks.co/news/spain-crypto-com-registered