Singapore-based cryptocurrency exchange service provider Crypto.com has obtained a virtual asset service provider registration from the Bank of Spain. The regulatory approval allows the exchange to offer a range of cryptocurrency-focused services to clients in Spain, a country that has recently taken a positive approach towards cryptocurrencies.
The cryptocurrency exchange had to extensively review compliance with the Anti-Money Laundering Directive and adhere to other financial crime laws before getting the green light. The latest regulatory approval in Spain comes just weeks after the acquisition of a major payment institution license for digital payment token services from the Monetary Authority of Singapore.
Crypto.com, like most other cryptocurrency companies, thrived during the 2021-2022 bull market, expanding its partnerships into the mainstream and gaining regulatory approval in multiple jurisdictions. The platform made headlines when it was awarded naming rights to the famous Staples Center in Los Angeles, a multipurpose arena that hosts various public events, including boxing and basketball competitions.
However, with the arrival of the bear market, the platform faced some trading problems and a drop in demand, which led to the closure of its institutional platform in the United States in early June.