Crypto.com granted approval to operate business in Cayman Islands

abdelaziz Fathi

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.

Crypto.com

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.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<