According to the official press release, CryptoCom will now be allowed to provide customers in the island nation with various goods and services while abiding by local laws.
Recently, CryptoCom also received registration from the Greek Hellenic Capital Market Commission, Italian Organismo Agenti e Mediatori (OAM), in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License, and provisional approval from the Dubai Virtual Assets Regulatory Authority for its Virtual Asset License.
Kris Marszalek, co-founder, and CEO of CryptoCom commented on the most recent regulatory affirmation by saying that Europe continues to be a crucial market for the platform’s expansion ambitions. The executive continued, “Europe is a priority region for Crypto.com, and our continued expansion in the market is a testament to our commitment to compliance and collaboration with regulators.
Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to more customers.”
Exchanges have turned to several strategies to manage working capital as the crypto winter set in due to a sharp decline in revenues, trading volume, and profitability. As the market suffered, CryptoCom declared that it would fire 5% of its corporate staff.
The true percentage is significantly higher for those who know the situation. However, there is no stopping the expansion side of things. The operations of other platforms have also been growing internationally. FTX gained authorization from Cyprus’ regulatory body to start FTX Europe earlier this year, in addition to CryptoCom.
During the period of greatest volatility in the year’s second quarter, Gemini and Coinbase made news by axing employees. As a part of their aggressive expansion plans, both platforms have regulatory permits throughout Europe.
While Gemini was the first cryptocurrency exchange approved to function as a VASP in Ireland, Coinbase was the first to receive a license from Italy’s OAM as a crypto asset service provider.
