Cyprus SEC Greenlights CryptoCom to Supply Crypto Companies

The information comes days after Italy’s monetary regulatory OAM gave the nod to CryptoCom to supply digital asset services and products.

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

Europe: a Precedence Area for CryptoCom

In accordance with the official press launch, CryptoCom will now have the ability to supply a spread of services and products to clients within the island nation whereas complying with the native rules.

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

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

“Europe is a precedence area for and our continued growth out there is a testomony to our dedication to compliance and collaboration with regulators. Our registration in Cyprus is the subsequent important step in our continued progress as we develop our services and products 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 by way of revenues, buying and selling quantity, in addition to profitability. CryptoCom introduced that it’ll lay off 5% of its company workforce because the market took a beating. Nonetheless, folks accustomed to the matter stated the precise proportion is far larger.

However, on the growth 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 growth roadmaps. Whereas Coinbase acquired a crypto asset service supplier license from Italy’s OAM, Gemini turned the primary crypto alternate licensed to function as a VASP in Eire.

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