As published on financemagnates.com, Thursday 11 August, 2022.
Crypto.com, a cryptocurrency exchange based in Singapore, has received regulatory approval to operate as a virtual asset service provider (VASP) in the Cayman Islands.
Additionally, the crypto exchange received registration to function as a VASP in the self-governing overseas territory of the United Kingdom.
Crypto.com, which announced the development on Thursday, said it got the registration and approval from the Cayman Islands Monetary Authority (CIMA).
CIMA is the primary financial market regulatory body in the Cayman Islands.
The crypto exchange noted that approval will make it possible for it to offer a range of digital asset products and services that are compliant with the islands’ regulations.
Kris Marszalek, the Co-Founder and CEO of Crypto.com, in a statement said the approval is a testament of the cryptocurrency exchange’s dedication to compliance.
Marszalek also noted that the development proves Crypto.com’s "constructive approach to regulator engagement."
“We look forward to expanding our suite of offerings and services available, and continuing to work with stakeholders across sectors on advancing blockchain technology,” he said.
Crypto.com, which was established in 2016, describes itself as the world’s fastest growing global cryptocurrency platform.
The crypto exchange said it serves over 50 million customers and is committed to powering the global adoption of cryptocurrency.
The new approval from CIMA is one only of several regulatory approvals the Singapore-based exchange has gained recently.
On Monday, Crypto.com announced that it had secured the Electronic Financial Transaction Act and VASP registration in South Korea.
The exchange achieved this by acquiring PnLink Co. Limited, a payment service provider, and OK-BIT Co. Limited, a VASP company.
In July, the exchange obtained regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) to operate in island country Cyprus, which is popular as a tax haven.
Earlier in June, Crypto.com also got in-principle approval from the Monetary Authority of Singapore to operate as a major payment institution.
Among other things, this license will enable the cryptocurrency exchange to offer digital payment token services to clients in the country.
Furthermore, in early June, Crypto.com obtained provisional approval for the Minimal Viable Product license of the Dubai Virtual Assets Regulatory Authority.
This license will enable the crypto exchange to offer additional products and services to both institutional investors and qualified consumers.