Crypto.com Continues Global Expansion, Gets Approval in Cayman Islands

<p>Crypto.com, a cryptocurrency exchange based in Singapore, has gotten regulatory approval to operate as a virtual asset service provider (VASP) in the Cayman Islands.</p><p>The crypto exchange also received registration to function as a VASP in the self-governing overseas territory of the United Kingdom.</p><p>Crypto.com, which <a href="https://crypto.com/company-news/crypto-com-secures-virtual-asset-service-provider-registration-from-cayman-islands-monetary-authority">announced the development</a> on Thursday, said it got the registration and approval from the Cayman Islands Monetary Authority (CIMA).</p><p>CIMA is the primary financial market regulatory body in the Cayman Islands.</p><p>The crypto exchange noted that approval will make it possible for it to offer a range of digital asset products and services that are compliant with the islands’ regulations.</p><p>Kris Marszalek, Co-Founder and CEO of Crypto.com, in a statement said the approval is a testament of the cryptocurrency exchange’s dedication to compliance.</p><p>Marszalek also noted that the development proves Crypto.com’s ‘constructive approach to regulator engagement.’</p><p>“We look forward to expanding our suite of offerings and services available, and continuing to work with stakeholders across sectors on advancing blockchain technology,” he said.</p><p>Crypto.com Aims for Global Impact</p><p>Crypto.com, which was established in 2016, describes itself as the world’s fastest growing global cryptocurrency platform. </p><p>The crypto exchange said it serves over 50 million customers and is committed to powering the global adoption of cryptocurrency.</p><p>The new approval from CIMA is one only of several regulatory approvals the Singapore-based exchange has gained recently.</p><p>On Monday, Crypto.com <a href="https://www.financemagnates.com/cryptocurrency/news/cryptocom-boosts-global-presence-secures-registration-in-south-korea/">announced that</a> it had secured the Electronic Financial Transaction Act and VASP registration in South Korea. </p><p>The exchange achieved this by acquiring PnLink Co. Limited, a payment service provider, and OK-BIT Co. Limited, a VASP company.</p><p>In July, the exchange <a href="https://www.financemagnates.com/cryptocurrency/regulation/cryptocom-obtains-regulatory-approval-from-the-cysec/">obtained regulatory approval</a> from the Cyprus Securities and Exchange Commission (CySEC) to operate in island country Cyprus, which is popular as a tax haven.</p><p>Earlier in June, Crypto.com <a href="https://www.financemagnates.com/cryptocurrency/news/cryptocom-gets-in-principle-approval-from-singapores-mas/">also got in-principle approval</a> from the Monetary Authority of Singapore to operate as a major payment institution.</p><p>Among other things, this license will enable the cryptocurrency exchange to offer digital payment token services to clients in the country.</p><p>Furthermore, in early June, Crypto.com obtained <a href="https://www.financemagnates.com/cryptocurrency/regulation/cryptocom-gets-provisional-approval-from-dubai-regulatory-authorities/">provisional approval</a> for the Minimal Viable Product license of the Dubai Virtual Assets Regulatory Authority.</p><p>This license will enable the crypto exchange to offer additional products and services to both institutional investors and qualified consumers.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

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