Cyprus SEC Greenlights CryptoCom to Supply Crypto Companies

Main crypto alternate, CryptoCom, has introduced receiving regulatory approval from the Cyprus Securities and Alternate Fee (CySEC) to additional its European enlargement.

Europe: a Precedence Area for CryptoCom

Based on the official press launch, CryptoCom will now have the ability to provide a spread of services to clients within the island nation whereas complying with the native laws.

In latest instances, CryptoCom additionally scored registration from Greece’s Hellenic Capital Market Fee, Italy’s Organismo Agenti e Mediatori (OAM), in-principle approval for a Main Cost Establishment License from the Financial Authority of Singapore (MAS), and provisional approval of its Digital Asset License from the Dubai Digital Belongings Regulatory Authority.

Commenting on the most recent regulatory nod, Co-Founder and CEO of CryptoCom, Kris Marszalek, stated Europe stays to be a key area for the platform’s enlargement efforts. The exec went on so as to add,

“Europe is a precedence area for Crypto.com and our continued enlargement out there is a testomony to our dedication to compliance and collaboration with regulators. Our registration in Cyprus is the subsequent vital step in our continued progress as we increase our services to extra clients.”

Layoffs and Growth throughout Crypto Winter

Because the crypto winter set in, exchanges have resorted to a number of measures to handle working capital after a sudden fall when it comes to revenues, buying and selling quantity, in addition to profitability. CryptoCom introduced that it’s going to lay off 5% of its company workforce because the market took a beating. Nonetheless, individuals acquainted with the matter stated the precise proportion is way greater.

However, on the enlargement facet of issues, there’s no stopping. Different platforms have additionally been increasing their operations globally. Other than CryptoCom, FTX additionally acquired licensing from Cyprus’ regulatory company to launch FTX Europe earlier this yr.

Gemini and Coinbase additionally made headlines in the course of the peak volatility within the Q2 of the yr by making workforce cuts. Each the platforms have acquired regulatory licenses in Europe as a part of their aggressive enlargement roadmaps. Whereas Coinbase acquired a crypto asset service supplier license from Italy’s OAM, Gemini grew to become the primary crypto alternate approved to function as a VASP in Eire.