Singapore-based crypto.com continues to aggressively expand its reach, becoming the latest cryptocurrency company officially licensed to operate in Cyprus.
Crypto.com has received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC), the company announced to Coin Telegraph on Friday.
The approval enables Krypto.com to offer a number of products and services to customers in Cyprus in accordance with local regulations. This new regulatory achievement comes in line with Crypto.com's growing global presence as the company actively expands its operations, receiving approvals to operate in countries such as Italy, Greece and Singapore.
According to Crypto.com co-founder and CEO, Chris Marsalek, the exchange is currently prioritizing Europe as the key area for continued expansion. He said this is a testament to our commitment to compliance and cooperation with regulators.
Crypto.com is not the only cryptocurrency exchange approved to operate in Cyprus. The main competitor, FTX, has also expanded into Europe after obtaining approval from the Cyprus Securities and Exchange Commission in March 2022. Other exchanges such as Coinbase have also been increasingly interested in expanding into Europe amid an ongoing bear market.
Although global exchanges are increasingly moving into the Cypriot market, the Cyprus government has not offered much certainty about cryptocurrency regulation in recent years.
It was reported that major domestic financial institutions, including the Bank of Cyprus, were banning Bitcoin (BTC) related transactions in 2021. In September, the Cyprus Securities and Exchange Commission revealed plans to increase oversight of cryptocurrencies by incorporating EU anti-money laundering regulations into Cypriot law.
