A leading crypto exchange, Crypto.com, has obtained an operating license in Cyprus as it seeks expansion in Europe.
The Singapore-based exchange announcing the move said the license means the exchange can now begin to offer crypto services to residents of the country.
The Cyprus Securities and Exchange Commission wants Crypto.com to operate within the confines of the local laws.
Additionally, Crypto.com believes the new expansion speaks volumes about its ambition to create a robust global presence after arriving in Italy and Greece.
Co-founder of Crypto.com, Kris Marszalek, sees Europe as the major priority of the exchange.
On the latest regulatory nod, Marszalek said Europe remains a key region for the platform’s expansion efforts.
“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.”
He sees the Cyprus move as a significant step in the firm’s bid to widen its offerings to more customers to improve its ecosystem with 50 million active subscribers.
But the Cyprus government has yet to unveil full crypto regulations despite the increasing migration of crypto firms to its market.
CySEC has revealed plans to incorporate the EU’s Anti-Money laundering (AML) regulations into Cyprus law.
Founded in 2016, Crypto.com currently provides a platform for users to trade about 250 crypto assets.
It is renowned for being one of the fastest growing exchanges globally, recently launching google pay features for Android subscribers.
“Crypto.com is committed to accelerating the adoption of cryptocurrency through innovation and empowering the next generation of builders, creators, and entrepreneurs to develop a fairer and more equitable digital ecosystem,” the company said.