Crypto.com, the popular Singapore-based crypto exchange, has obtained the approval of the Cyprus Securities and Exchange Commission (CySEC) to offer its services in the country, as reported by CoinTelegraph.
By national laws, Crypto.com is permitted to provide a variety of goods and services to clients in Cyprus. The new regulatory milestone is consistent with the exchange’s continued expansion of its operations. The firm has received approvals to conduct business in nations like Italy, Greece, and Singapore, and the move has aided in the company’s escalating worldwide footprint.
Furthermore, Crypto.com’s co-founder and CEO Kris Marszalek confirmed that the exchange prioritizes Europe for its expansion goals.
“[It is a] testament to our commitment to compliance and collaboration with regulators.”
Nonetheless, The road has not been smooth. In 2021, many regional financial institutions reportedly blocked Bitcoin (BTC)-related transactions, including the Bank of Cyprus. Moreover, the CySEC announced intentions to expand control of cryptocurrencies in September, and they intended to incorporate anti-money laundering laws from the European Union into Cypriot legislation.
All eyes on Europe for crypto firms?
In early July, the European Union agreed on the Markets in Crypto Assets Regulation (MicA). The agreement serves as a complete regulatory framework for controlling digital assets, and Additionally, it will act as a rule book for all 27 nations in the region. The agreement has made the continent very attractive to crypto firms.
Europe has been a target for many firms for their expansion goals. FTX, another popular exchange, was approved to operate in Cyprus in early March 2022. Moreover, even Coinbase is eyeing a European expansion, and the company is in talks to obtain regulatory approval in several countries, including France.
Furthermore, a study by the European Central Bank found that European crypto investors were on the rise. The study found that high-income and low-income households were more open to crypto investments; middle-income families were more skeptical of the space.