Crypto.com granted approval to operate business in Cayman Islands
Crypto.com, one of the longest-established crypto platforms, has obtained a new registration in the Cayman Islands under the Virtual Asset Services Providers Act.
Having secured approval from the Cayman Islands Monetary Authority (CIMA), Crypto.com continues solidifying its regulation and compliance endeavors following this move.
The new registration allows Crypto.com to offer custodial services, build an exchange and supply over-the-counter crypto brokerage services for local investors under the CIMA’s regulatory infrastructure.
Speaking of the development, Crypto.com Co-Founder and CEO Kris Marszalek said that the Cayman Islands was a vital destination for their growth plan as the nation has developed and nurtured a solid blockchain business environment.
“This regulatory approval in the Cayman Islands is the latest example of Crypto.com’s commitment to compliance and our constructive approach to regulator engagement. We look forward to expanding our suite of offerings and services available, and continuing to work with stakeholders across sectors on advancing blockchain technology,” he added.
Crypto.com, which claims 50 million users worldwide, regularly ranks in the top five global exchanges by spot volume and says its matching engine supports 2.7 million transactions per second with 50 microsecond core latency.
As ambitious as it may sound, Crypto.com has also secured regulatory nods in multiple jurisdictions. Most recently, the firm acquired payment service provider ‘PnLink Co., Ltd.’ and virtual asset service provider ‘OK-BIT Co., Ltd.’ The move effectively provides a regulatory stamp for the company’s digital assets and cryptocurrencies business in South Korea.
The regulatory stamp comes a few weeks after Crypto.com gained approvals in Italy and Cyprus to act as a provider of virtual currency and digital wallet services. The registration allows the company to offer a suite of products and services in both countries, as well as open offices and expand its team.
The European licensing requires the firm to adhere to strict financial standards under the MiFID II framework, including the segregation and protection of client funds, full transparency of its business operations and capital adequacy controls.
The move also comes weeks after Crypto.com – continuing with its global expansion – received in-principle approval from Singapore regulators. Only 14 other MPI-licensed firms are approved by the city-state’s de facto central bank, the Monetary Authority of Singapore (MAS), to offer crypto services.
Crypto.com also received in June provisional approval from Dubai’s local regulator to set up its business operations in the UAE whilst it undertakes the process of applying for a full-scale license.