Singapore-based crypto exchange Crytpo.com has announced that it secured regulatory approval to operate as a virtual asset service provider (VASP) in the Cayman Islands. This also gives the crypto exchange the authority to offer digital asset services in its overseas base in the UK.
Crypto.Com To Offer A Wide Range Of Digital Asset Products
Following the VASP license, Crypto.com can now offer different digital asset products and services acceptable by the Cayman Islands Monetary Authority (CIMA)
Chief Executive Officer of Crytpo.com, Kris Marszalek, stated that the license approval is evidence that the company is always ready to meet the compliant standards of regulators.
He added that the approval is another proof that Crytpo.com is using a constructive approach toward regulator engagement. Additionally, he says the company will keep expanding its footprints while cooperating with regulators and stakeholders across different sectors to enhance blockchain technology.
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Crytpo.com was launched in 2016 as a platform that offers products and services related to digital assets. The company describes itself as the fastest-growing crypto platform in the world. Crypo.com stated that it offers its services to more than 50 million customers globally. One of the goals of the firm is to continue to enable global crypto adoption.
Crypto.com Gains Licenses In South Korea And Dubai
The license from CIMA represents one of the many regulatory approvals the company has received over the past few years.
Crytpo.com announced recently that it has received the VASP and Electronic Financial Transaction Act approval in South Korea. This was possible through the acquisition of VASP company OK-BIT Co. Limited and payment service provider PnLink Co.Limited.
Last month, the crypto exchange received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC). The approval enabled the firm to carry out digital service operations in the country, a tax haven for companies.
The company has also received a provisional license in Dubai, which allows it to offer virtual asset services in the region.
In June this year, Crytpo.com received in-principle approval from Singapore’s monetary authority as a major payment institution. The license gives Crytpo.com the authority to offer digital payment token services to clients in the country.