The Singapore-headquartered crypto exchange Crypto.com recently acquired an operational license to offer crypto asset services to users across the European Economic Area (EEA). With this regulatory green light, Crypto.com now has its tentacles throughout Europe.
Crypto.com Grounded in Europe
Notably, the recently disclosed EEA approval came a few weeks after Crypto.com received the Markets in Crypto Assets (MiCA) license, allowing it to operate under regulatory clearance in the EU. The crypto exchange received the green light through its Malta-based subsidiary.
As early as August 2022, Crypto.com became one of 37 crypto companies to receive a green light from the UK’s Financial Conduct Authority (FCA). A Bloomberg report confirmed that the crypto custodian had 100 employees in the country at the time. In December 2023, the Singapore-based exchange bagged the FCA’s authorisation to operate as an electronic money institution in the country. This allowed Crypto.com to offer e-money products to local investors.
Receiving a license to operate in the EEA will enable Crypto.com to offer its crypto-centric services to users across all European Union member states, alongside Iceland, Liechtenstein, and Norway.
Crypto.com currently offers its services to over 100 million users. Expanding its operations in Europe puts the exchange on track to boost its user base to new frontiers. It also presents Europeans with more crypto exchange options.
Europe – A Crypto-Friendly Hub
Various crypto exchanges have recently expanded their business operations in Europe. For instance, Bitpanda recently received regulatory clearance to operate in the UK and EEA. Coinbase also received the FCA’s green light to offer its crypto services in the UK.
This influx hints at the continent’s welcoming embrace of crypto assets and the continuous efforts to regulate the market. The regulatory clarity sets the guardrails for crypto exchanges entering the region and local investors using these platforms. Europe’s regulatory efforts set a precedent for other governments to emulate while establishing crypto-focused laws.
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