Crypto. Singapore-based cryptocurrency exchange Crypto. Com has secured regulatory approval from the Cyprus Securities and Exchange Commission to officially operate in the country. With over 50 million users worldwide, Crypto.
Com has received regulatory approval from the CySEC to offer a number of products and services to customers in Cyprus in compliance with local regulations, it announced in a press release on July 22. The approval comes as part of Crypto. Com, Kris Marszalek, Europe is a priority region for Crypto.
Com is not the only exchange to have been granted regulatory approval in Cyprus. Its major rival FTX has also been expanding its reach into Europe and received its approval from the CySEC in March 2022. Along with FTX and Crypto.
Com, other major exchanges such as Coinbase have also been increasingly expanding into Europe amid the ongoing crypto bear market. Despite many exchanges having already gained regulatory approval in Cyprus, the government has not provided much certainty over cryptocurrency regulation in recent times. Major financial institutions, including the Bank of Cyprus, had been reportedly blocking Bitcoin-related transactions in 2021.
Source: JANA SERFONTEIN | CRYPTODAILY.CO.UK
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