Crypto exchange services provider Crypto.com has received regulatory approval to operate in Spain. The exchange has obtained a virtual asset service provider (VASP) registration from the bank of Spain over the weekend after reviewing its Anti-Money Laundering Directive (AMLD) and other financial crimes laws, including internal measures to protect users from fraudulent dangers. According to Crypto.com’s CEO Kris Marszalek, “receiving the VASP registration from the Bank of Spain is the latest testament to our commitment to compliance and eagerness to work with regulators and public officials in responsibly advancing crypto and blockchain technology.”
The country’s central bank can decide what platform can legally engage in the sell and trading of digital assets in Spain. However, the Bank of Spain is also required to comply with the European Union’s Markets in Crypto Assets (MiCA) legislation, which will become law next years for every participating country on the EU. The legislation will make digital asset companies face stricter rules with regards to anti-money laundering and data security procedures.
