Digital asset trading Crypto.com has been registered as a crypto service provider in the Netherlands. According to the corporation, the regulatory approval follows an examination of its business operations and conformity with Dutch anti-money laundering laws.
Crypto.com received clearance from the Dutch central bank to operate crypto services. The corporation stated in a news release that the confirmation followed a comprehensive evaluation of its compliance with the Money Laundering and Terrorist Financing (Prevention) Act.
The CEO of Crypto.com, Kris Marszalek, referred to the registration approval from De Nederlandsche Bank (DNB) as a crucial turning point for the company’s operations and evidence of its dedication to compliance. He was also reported to have said:
“Collaborating with regulators to responsibly advance the crypto and blockchain industry is of paramount importance to Crypto.com.”
Marszalek added that the exchange looks forward to working with the DNB and other regulators worldwide. The Dutch registration gives the trading platform another European approval amid regulatory uncertainty and scrutiny for the business in numerous places.
The Singaporean monetary regulator has licensed the crypto exchange as a Major Payment Institution (MPI) for digital token payments, e-money issuance, account issuance, and cross-border and domestic money transfers. The U.S., Australia, Dubai, and South Korea have registered it.
Crypto.com is registered as a Digital Asset Service Provider (DASP) by France’s Financial Markets Authority (AMF) and as a crypto asset business by the U.K.’s Financial Conduct Authority (FCA). Spain, Italy, Greece, and Cyprus have registered the crypto company as a VASP.
After Binance left the Netherlands after failing to register as a crypto service provider, Crypto.com was approved. The world’s largest digital asset exchange also deregistered in Cyprus, revoked its U.K. permission, and withdrew its license applications in Germany and Austria to focus on fewer regulated firms in Europe. Global regulators have been pressuring Binance for months.
The EU has failed to adopt its complete Markets in Crypto Assets (MiCA) Regulation. The legislation was provisionally agreed on in June 2022, EU parliamentarians voted to ratify it in April, and the EU Council ratified the new guidelines in May. However, Union-wide implementation will take 18 months.