Crypto.com’s entrance to the Dutch market comes a few weeks after Binance exited the country due to regulatory hurdles.
Leading digital asset service provider Crypto.com has successfully registered its business offerings with the Dutch central bank to offer crypto services in the Netherlands.
In an announcement on June 28, the company said it obtained approval from the De Nederlandsche Bank (DNB) after a comprehensive review of its business and compliance with the country’s Anti-Money Laundering and Terrorist Financing (Prevention) Act.
By successfully meeting the regulatory requirements set by DNB, the exchange can now offer its crypto services to users in the Netherlands in compliance with local regulations.
“This registration approval from De Nederlandsche Bank is a significant milestone for our business and the latest testament to our commitment to compliance. We look forward to continuing to work with DNB and other regulators around the world,” said Kris Marszalek, CEO of Crypto.com.
Crypto.com has joined other digital asset service providers already registered in the Netherlands to explore the market. The country has granted 36 companies, including Coinbase Europe, eToro, and Bitstamp, licenses to legally offer custodial and exchange services to customers in the region.
Crypto.com Registered in Singapore and Other Jurisdictions
The new registration with the DNB marks a significant milestone for Crypto.com as it continues its global expansion strategy. Before its latest achievement in the Netherlands, the company had previously obtained approvals and licenses in different countries, including Singapore, France, the United Kingdom, Australia, and Spain.
Each of these registrations enables the exchange to offer specific services compliant with local regulations. In Singapore, for example, Crypto.com obtained a Major Payment Institution (MPI) license for Digital Payment Token (DPT) and an MPI for e-money issuance and cross-border money transfer services.
With its commitment to responsible compliance and collaboration with regulators, the exchange aims to foster a sustainable and thriving crypto ecosystem while gaining greater acceptance and recognition from users and regulators.
Binance Backs Out of Dutch Market while Crypto. Com Is Entering It
Crypto.com’s entrance to the Dutch market comes a few weeks after Binance, the world’s largest digital asset trading platform, exited the country due to regulatory hurdles.
Despite Binance’s efforts to collaborate with the country’s financial watchdog and explore various alternatives and strategies, the exchange could not find a viable alternative to register as a digital asset service provider (VASP) in the region.
In light of the hurdles encountered, the company maintains its commitment to adhering to regulations and plans to continue working with the authorities to seek better avenues to establish itself as a VASP in the future.