Home Technology Crypto.com obtains permission to operate a business in the Cayman Islands

Crypto.com obtains permission to operate a business in the Cayman Islands

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Crypto.com obtains permission to operate a business in the Cayman Islands

Crypto.com, one of the oldest crypto platforms, has obtained a new registration in the Cayman Islands under the Virtual Asset Service Providers Act.

Crypto.com

After gaining approval from the Cayman Islands Monetary Authority (CIMA), Crypto.com continues to consolidate its regulatory and compliance efforts following this decision.

The new registration allows Crypto.com to offer custody services, build an exchange, and provide OTC crypto brokerage services to local investors under the CIMA regulatory infrastructure.

Speaking about the development, Crypto.com co-founder and CEO Kris Marszalek said the Cayman Islands is a vital destination for their growth plan as the nation has developed and nurtured a strong blockchain business environment.

“This regulatory approval in the Cayman Islands is the latest example of Crypto.com’s commitment to compliance and our constructive approach to engaging regulators. We look forward to expanding our range of available offerings and services and continuing to work with stakeholders across all industries to advance blockchain technology,” he added.

Crypto.comwhich claims 50 million users worldwide, consistently ranks among the top five global exchanges by spot volume, and claims its matching engine supports 2.7 million transactions per second with a core latency of 50 microseconds .

As ambitious as it sounds, Crypto.com has also won regulatory approvals in multiple jurisdictions. More recently, the company acquired payment service provider “PnLink Co., Ltd.” and virtual asset service provider ‘OK-BIT Co., Ltd.’ The move effectively provides a regulatory cachet for the company’s digital asset and cryptocurrency business in South Korea.

The regulatory stamp comes a few weeks later Crypto.com has obtained approvals in Italy and Cyprus to act as a provider of virtual currency and digital wallet services. Registration allows the company to offer a range of products and services in both countries, as well as to open offices and expand its team.

The EU license requires the firm to adhere to strict financial standards under MiFID II, including the segregation and protection of client funds, full transparency of its business operations and capital adequacy checks.

The move also comes weeks after Crypto.com – continuing its global expansion – received approval in principle from Singapore regulators. Only 14 other MPI-licensed companies are approved by the city-state’s de facto central bank, the Monetary Authority of Singapore (MAS), to offer crypto services.

Crypto.com also received interim approval from the local regulator in Dubai in June to establish its business operations in the United Arab Emirates while it begins the process of applying for a large-scale license.

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