Crypto.com Receives Regulatory Approval From Cyprus SEC

The Cyprus Securities and Exchange Commission (CySEC) has granted regulatory permission to Crypto.com, the company stated on July 22 in an interview. Along with regulatory approval, the firm is now allowed to offer a variety of goods and services to customers in Cyprus by national laws. The new regulatory milestone is consistent with Crypto.com’s aggressive expansion of its operations and receipt of approvals to conduct business in nations like Italy, Greece, and Singapore, which has led to the company’s escalating global footprint. The approval to conduct business in Cyprus does not just apply to Crypto.com. FTX, a significant rival exchange, has also been growing in Europe since getting CySEC permission in March 2022. In light of the lousy market, other exchanges like Coinbase have also shown an increased interest in developing in Europe. Cyprus Government Not Cleared About Regulating Crypto Even though international exchanges are expanding their presence in the Cypriot market, the Cyprus government has not been clear about how cryptocurrencies will be regulated in recent years. In 2021, many regional financial institutions reportedly blocked Bitcoin (BTC)-related transactions, including the Bank of Cyprus. In September, CySEC revealed plans to strengthen regulation of cryptocurrencies by incorporating Cypriot legislation with EU anti-money laundering rules. The Crypto.com exchange offers services like crypto-enabled Visa ca...