Legitimate, Crypto.com Registered As Crypto Asset Service Provider In The Netherlands!

Crypto.com is a crypto asset service provider in the Netherlands. (Photo; Doc. Coindoo)

JAKARTA - Crypto.com cryptocurrency exchange has succeeded in obtaining registration approval as a crypto service provider in the Netherlands. This decision was taken after the Dutch central bank, De Nederlandsche Bank (DNB), conducted a comprehensive review of the company's compliance with the Money Laundering and Terrorist Financing Act (Prevention) in the country.

Crypto.com CEO Kris Marszalek welcomed this approval as an important milestone for the company and as proof of their commitment to legal compliance. He stressed the importance of working with regulators to promote the crypto and blockchain industry responsibly.

With approval from the Netherlands, Crypto.com added one of the approvals from authorities in Europe amid growing regulatory and surveillance uncertainty for the crypto industry in various countries.

For information, Crypto.com, based in Singapore, has also obtained licenses as a Main Payment Institution (MPI) for various services, including digital token payments, electronic money issuance, account issuance, and cross-border and domestic remittance services, from the monetary authority in the country. In addition, the company has received registration and authorization in various countries, such as the US, Australia, Dubai, and South Korea.

In Europe, Crypto.com has been officially registered as a Digital Asset Service Provider (DASP) of the French Financial Market Authority (AMF) and registration approvals as a crypto asset business from the UK Financial Conduct Authority (FCA). In addition, the company is also listed as a Virtual Asset Service Provider (VASP) in Spain and has registrations in Italy, Greece, and Cyprus.

The approval from the Dutch central bank came after Binance, one of the world's largest digital asset exchanges, decided to withdraw from the Dutch market for failing to secure registration as a crypto service provider. Binance has also filed for revocation of registration in Cyprus and canceled authorization in the UK, as well as withdrew licensing applications in Germany and Austria. In recent months, Binance has faced pressure from regulators in various countries.

While the European Union has not implemented a comprehensive regulatory package for the crypto sector through the Markets in Crypto Assets (MiCA) law, a provisional agreement on the law has been reached in June 2022 and is expected to be implemented within the next 18 months across the European Union.

This approval from the Dutch central bank will be a driving force for Crypto.com growth in European territory, and this also reflects the company's efforts to meet regulatory requirements to support the development of the responsible crypto industry.