Crypto.com Obtains Approval From Dutch Central Bank To Offer Cryptocurrency Services
The well-known crypto exchange Crypto.com has effectively received registration in the Dutch market. The inclusion of Crypto.com into the market in the Netherlands takes place following the exclusion of another popular crypto exchange Binance because of regulatory hindrances. The central bank of the Netherlands has provided a license to the platform to offer crypto services.
Crypto.com Secures Registration from Netherlands Central Bank to Provide Crypto Services
On the 28th of the previous month, Crypto.com made an announcement in which it stated that the platform got authorization from the De Nederlandsche Bank (DNB). This took place after a lengthy review of the compliance and business plans with the Anti-Money Laundering and Terrorist Financing Act of the country.
By effectively fulfilling the regulatory needs established by DNB, the platform can provide its services to consumers living in the jurisdiction of the Netherlands while complying with the native regulations. This registration authorization is considered to be a remarkable landmark for Crypto.com, as mentioned by Kris Marszalek (the platform’s CEO). The executive also stated that this approval is also a piece of evidence for the firm’s commitment to regulatory compliance.
The crypto exchange has taken a good position among the rest of the entities offering services related to digital assets within the Netherlands. The jurisdiction has given licenses to thirty-six firms taking into account Bitstamp, eToro, and Coinbase Europe to legitimately offer exchange and custodial services to the clients within the area.
The exclusive registration indicates a huge milestone for the company as it keeps on expanding its services around the world. Before the firm’s new regulatory achievement within the Dutch market, it has formerly secured licenses and approvals in diverse countries including Spain, Australia, the United Kingdom, France, and Singapore.
Each of the respective licenses permits the platform to provide particular services while abiding by regional regulations. For instance, in Singapore, the crypto exchange got a Major Payment Institution (MPI) registration. This approval targets the provision of an MPI and Digital Payment Token (DPT) for services related to cross-border money transactions and e-money issuances.
Binance Leaves Netherlands after Encountering Several Regulatory Hindrances
Crypto.com is committed to remaining compliant and cooperating with regulatory agencies. The crypto exchange intends to promote a thriving and sustainable crypto sector by getting more recognition and acceptance from regulators and consumers. On the other hand, the renowned crypto exchange Binance has recently quit the Netherlands market as it experienced several regulatory issues.
The crypto platform made several endeavors to cooperate with the financial regulator of the jurisdiction and delve into diverse strategies and alternatives.
Even then, the platform remained ineffective in getting a worthwhile alternative to operate as a virtual asset service provider (VASP) within the jurisdiction. In line with the issues encountered by the firm, it sustains its determination to adhere to the regulations.
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