Crypto․com, a prominent digital asset exchange, has been officially registered as a crypto service provider in the Netherlands, following a detailed scrutiny of its business operations and adherence to Dutch anti-money laundering laws.
Crypto․com Attains Additional Regulatory Nod in Europe
The Netherlands’ central bank has given its approval for the registration of Crypto․com as a crypto service provider within its jurisdiction. This approval comes in the wake of a thorough examination of the company’s compliance with the Netherlands’ Act to Prevent Money Laundering and Financing Terrorism, as stated by the company.
Crypto․com’s CEO, Kris Marszalek, regarded the registration approval from De Nederlandsche Bank (DNB) as a crucial landmark for the business and an endorsement of their commitment to compliance. He expressed:
Marszalek further underscored that the exchange eagerly anticipates continued collaboration with the DNB and other global regulators. With the Dutch registration, the trading platform garners another European approval amidst the growing regulatory uncertainty and scrutiny in multiple jurisdictions.
The Singapore-based crypto exchange has previously secured a license as a Major Payment Institution (MPI) for digital token payments, e-money issuance, account issuance, and local and international money transfers from the city-state’s monetary authority. The firm has approvals and authorizations in the U.S., Australia, Dubai, and South Korea.
In Europe, Crypto․com has been approved as a Digital Asset Service Provider (DASP) by the Financial Markets Authority (AMF) of France, as a crypto asset business by the U.K.’s Financial Conduct Authority (FCA), and as a Virtual Asset Service Provider (VASP) in Spain. It also holds registrations in Italy, Greece, and Cyprus.
The authorization of Crypto․com in the Netherlands follows Binance’s decision to exit the Dutch market due to an unsuccessful bid for registration as a crypto service provider. As part of its plan to concentrate on a fewer regulated entities in Europe, the world’s biggest digital asset exchange has also sought deregistration in Cyprus, rescinded its U.K. authorization, and pulled back its license applications in Germany and Austria. Binance has been under mounting regulatory scrutiny worldwide in recent months.
The EU is yet to execute its all-encompassing regulations for the sector, the Markets in Crypto Assets (MiCA) law. A provisional consensus on this legislation was struck in June 2022, followed by its approval by EU lawmakers in April of this year, and its adoption by the EU Council in May. However, a union-wide enforcement is projected to take another year and a half.
Frequently Asked Questions (FAQs) about Crypto․com Netherlands Approval
What is Crypto․com’s recent achievement in the Netherlands?
How does Crypto․com’s CEO view this regulatory approval?
Crypto․com’s CEO, Kris Marszalek, views the registration approval as a significant milestone for the company’s business and a testament to its commitment to compliance. He also emphasized the company’s eagerness to continue working with the Dutch central bank and other global regulators.
What other regulatory approvals does Crypto․com have in Europe?
In addition to the recent approval from the Netherlands, Crypto․com has also received registration as a Digital Asset Service Provider from France’s Financial Markets Authority, as a crypto asset business from the U.K.’s Financial Conduct Authority, and as a Virtual Asset Service Provider in Spain. The company also holds registrations in Italy, Greece, and Cyprus.
How is Binance’s situation different from Crypto․com’s in Europe?
Unlike Crypto․com, Binance has recently withdrawn from the Dutch market after failing to secure registration as a crypto service provider. The world’s largest digital asset exchange has also applied for deregistration in Cyprus, canceled its U.K. authorization, and withdrawn license applications in Germany and Austria due to increased regulatory scrutiny.
What is the status of the EU’s comprehensive regulations for the crypto sector?
The EU is yet to fully implement its package of comprehensive regulations for the crypto sector, known as the Markets in Crypto Assets (MiCA) law. Although approved and adopted by EU lawmakers and the EU Council respectively, the Union-wide implementation is expected to take another 18 months.
More about Crypto․com Netherlands Approval
- Crypto․com Official Website
- Netherlands’ Act to Prevent Money Laundering and Financing Terrorism
- Markets in Crypto Assets (MiCA) Law
- Binance Official Announcement
- EU Lawmakers Approve MiCA
- EU Council Adoption of MiCA