Cyprus Allows Crypto.com To Start Offering Crypto Services

Cyprus allows Crypto.com to start offering crypto services and the news came days after the Italian regulations gave the approval to the exchange to start offering digital asset products and services so let’s read more today in our latest cryptocurrency news.

The leading crypto exchange Crypto.com announced receiving regulatory approval from the Cyprus regulators to enhance its European expansion. According to the official press release, Crypto.com will start offering a range of products and services to customers in the country while being compliant with the local regulators. Crypto.com scored registration from Greece’s Hellenic Capital Market Commission, the Monetary Authority of Singapore, and the Italian Organismo Agenti e Mediator. Commenting on the latest regulatory approval, the co-founder of the exchange Kris Marszalek said that Europe is a key region for the platform’s expansion efforts and added:

“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.”

As the crypto winter goes on, exchanges decided to manage working capital after a sudden fall in terms of revenues, profitability, and trading volume. Cyprus allows Crypto.com to offer services in the country while previously the exchange added that it will lay off 5% of the corporate workforce as the market takes a beating still. However, people that are familiar with the matter, believe that the actual percentage is much higher. On the expansion side of things, there’s no stopping this platform. Other platforms also expanded their operations across the world and apart from Crypto.com, FTX also got a license from the Cyprus regulatory agency to launch in the EU nation this year.

Coinbase and Gemini made headlines during the peak volatility in the second quarter of the year by making workforce cuts and both these platforms received regulatory licenses in Europe as a part of the aggressive expansion roadmaps. Coinbase acquired crypto assets service provider license from the Italian regulator and Gemini was the first to authorize VASP in Ireland.