Crypto.com has been trying for some time now to get its hands on regulatory approval as a part of its expansion process for Europe. It has been a tough journey, but recently enough, the crypto domain has received SEC approval from Cyprus and is good to go.
Crypto.com is a Singapore-based crypto exchange that has worked extensively with other various dependent and independent crypto providers to launch their operations in Europe while at the same time expanding its services within Asia. This approval was long overdue, and it has come in the form of a blessing in disguise as the firm was all but ready to give up its Europe expansion process for good.
This approval means a lot of things for the future as well as the present operations of the Singapore-based crypto exchange. To state the most obvious in light of this approval, Crypto.com will be able to present its services and products to a myriad of customers in Europe without having to always have some regulatory commission breathing down their necks.
Cyprus is going to become the launchpad for Crypto.com as it will use the platform to present new services and products to the customers while at the same time strengthening its position in Europe. It will definitely get easier for the firm to launch its operations in the adjacent European countries following a successful run in Cyprus.
Expansion of Services vs. Rivalry
Some other countries that are on the active list for Crypto.com to grow its operations include Italy, Greece, and Singapore, but most likely than not, the expansion is going to target significant European countries as well.
FTX, which is another crypto exchange, has also been given the green light to expand the offering of its services and products within Europe. FTX is a rival to Crypto.com, and given the fact that the time of approval was a little late for crypto.com and FTX has had a head start, the competition is definitely going to be neck on the neck for sure.