Popular crypto exchange Crypto.com recently obtained a regulatory license from Canada’s Ontario Securities Commission (OSC) to offer crypto products in Canada. The exchange confirmed the development in a release on its handle. Reportedly, this development makes crypto.com the first exchange to offer crypto services in line with Canada OSC local law.
Crypto.com’s operational agreement in Canada was approved by a joint Canadian securities Administration (CSA) initiative led by the OSC and all Canadian jurisdictions. According to the agreement, the exchange is ready to work with the OSC to provide various crypto services while complying with the Canadian local laws.
This recent development extends the exchange’s prevailing presence in Canada. Recall that the exchange was registered under the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in February 2021 as a financial service provider. Crypto.com was also registered under Autorité des marchés financiers (AMF) of Quebec.
According to Crypto.com CEO Kris Marszalek, regulatory compliance is prioritized by the exchange above other things. Marszalek noted that the North American market, particularly Canada, has enormous growth potential in the crypto industry. He expressed the delight of his team in providing safe, secure, and reliable crypto service to Canadian customers in compliance with the OSC and CSA laws.
Crypto.com has continued to extend its coast across countries worldwide. Recall that the exchange recently obtained an in-principle license from the Monetary Authority of Singapore to operate as a virtual asset service provider (VASP). The company achieved this feat despite rigid regulations on retail trading in the Country. Also, in March 2022, Crypto.com became a member of the Blockchain Association of Singapore.
Crypto.com regulatory license in Ontario Securities Commission, OSC, is coming a few days after the exchange acquired an Electronic Financial Transaction Act and VASP in South Korea. The exchange also acquired a payment service provider PnLink Co., Ltd, and virtual assets service provider, OK-BIT.Co., Ltd. Occasioned by its license in Asia, crypto.com now functions as a VASP within the country. Additionally, crypto.com recently obtained registration in Cyprus, Greece, Italy, and Cayman island.
Similarly, the exchange partnered with a Canadian e-commerce provider, Shopify. The partnership was intended to integrate crypto as a means of payment at all Shopify outlets across the globe. Last June, crypto.com signed a two-year agreement with Oxford University’s computer science department. According to the agreement, the exchange will provide a gift to the University Blockchain Research center.
The essence of the gift is to boost the usage of blockchain and other creative technology. It will also create a secure, transparent, and decentralized community.
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Source: https://insidebitcoins.com/news/crypto-com-to-offer-crypto-products-under-canada-osc