Cryptocurrency exchanges are working hard to expand their operations. Crypto.com is also ready to expand its operations.
The Singapore-based cryptocurrency exchange has received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC).
The approval enables the company to offer a number of products as well as services to customers on the island in accordance with local regulations.
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According to its co-founder and CEO, Kris Marszalek, the exchange currently prioritizes Europe as the main region for continued expansion.
Moreover, it isn’t the only cryptocurrency exchange that has been approved to operate in Cyprus. Its rival FTX has also been expanding in Europe after receiving approval from the CySEC in March 2022. Furthermore, Coinbase has also been increasingly interested in expanding in Europe amid the ongoing bear market.
In spite of global exchanges increasingly moving in the Cypriot market, the government of Cyprus hasn’t provided too much certainty about regulations in the last couple of years.
For example, major local financial institutions, including the Bank of Cyprus, were reportedly blocking Bitcoin (BTC)-related transactions in 2021.
Last year, the Cyprus Securities and Exchange Commission disclosed plans to increase oversight of cryptocurrencies by integrating the EU’s Anti-Money Laundering regulations into Cypriot law.
The above-mentioned cryptocurrency exchange allows users not only to buy and sell many cryptocurrencies but also features services like crypto-enabled Visa cards. It has been actively working to simplify payments on its platform, introducing the Google Pay option for Android users in July.
Crypto.com and Italy
The new regulatory milestone comes in line with the company’s growing global presence as the above-mentioned company has been actively expanding its operations, receiving approvals to operate in countries like Italy and Singapore.
Recently, Crypto.com has received approval from Italian regulators to offer its services in the Mediterranean country — a move Crypto.com says aligns with its vision of “building lasting growth in the region.”
On July 19, the cryptocurrency exchange announced that it had officially received registration and regulatory approval from Organismo Agenti e Mediatori, also known as OAM, Italy’s primary Anti-Money Laundering regulator. Importantly, the approval effectively grants the company the ability to offer its products and services to Italian customers.
The Singapore-based cryptocurrency exchange claims to have over 50 million customers around the world. Recently, the exchange received regulatory licenses to operate in Greece, Singapore, and Dubai.
It is noteworthy that Italy is the European Union’s third-largest market by gross domestic product, and crypto services providers are targeting the country for expansion.
Another major cryptocurrency exchange Coinbase recently secured OAM approval to begin operating in the Mediterranean country. In May, the company was given the OAM green light to serve the Italian market.
Even though the country’s regulatory approach to crypto is far from uniform, the government has been keen to promote the adoption of blockchain technology. This month, the country’s Ministry of Economic Development announced that some blockchain projects could qualify for up to $46 million in government subsidies.
In the meantime, in June, the country’s primary stock exchange, Borsa Italiana, listed a so-called “Bitcoin-thematic” exchange-traded fund, which provides BTC exposure to Italian institutional investors and retirement planners.