- The Crypto.com exchange said it has successfully completed the registration procedure in the Netherlands.
- The company has received VASP status and can now conduct cryptocurrency activities as well as promote its products in the local market.
Crypto.com cryptocurrency exchange said it has received a license from the Dutch central bank (DNB) as a virtual asset service provider (VASP). This was preceded by a comprehensive business assessment process, the company said.
“Working with regulators to responsibly promote the cryptocurrency and blockchain industry is of paramount importance to Crypto.com,” the exchange said in a statement.
In comments to Cointelegraph, DNB Financial Technology Supervision press officer Tobias Oudejans noted that the VASP license allows the counterparty to provide cryptocurrency wallets and process fiat transactions. However, he stressed that he could not comment on a specific case because of legal requirements.
The license, according to Oudejans, also allows Crypto.com to advertise its services in the country. The exchange has worked on the local market before, but was not allowed to promote products and make mutual settlements with customers directly.
In June 2023, the Crypto.com exchange received a license in Spain and Singapore. According to a press release, the company is in the process of registering in France, the UK, South Korea, the US and Canada.
In the same month, cryptocurrency exchange Binance announced that it was leaving the Netherlands marketplace. The regulator declined to comment on the situation, but said the company could try to reapply for a license once the MiCA regulatory framework is implemented.
The regulator said the company could try to reapply for a license once the MiCA regulatory framework is in place.