In a significant move, Crypto.com has announced the launch of its crypto asset services throughout all states within the European Economic Area (EEA). This development was shared via a social media post on February 12, marking a crucial step in the platform’s expansion strategy. The exchange expressed its excitement, emphasizing its commitment to increasing brand visibility and attracting new customers within the competitive European landscape. This expansion comes on the heels of Crypto.com receiving a full Markets in Crypto-Assets (MiCA) license, a pivotal regulatory endorsement that enhances its legitimacy in the European market.
The MiCA licensing, granted to Crypto.com by the Malta Financial Services Authority (MFSA), is a determinant factor that allows the platform to operate seamlessly across the EEA under a cohesive regulatory framework. The MiCA legislation—effective from the start of 2023—establishes Europe’s first comprehensive set of rules for cryptocurrency, seeking to rectify the regulatory discrepancies that have historically challenged the industry. This framework aims not only to standardize regulations but also to implement stringent consumer protections, prevent market manipulation, and create clear compliance requirements for crypto businesses.
Importantly, one of the standout features of the MiCA regulation is its specific guidelines pertaining to stablecoins. These regulations detail operational best practices for both issuers and service providers, which marks a crucial step towards enhancing stability in an otherwise volatile market. Reflecting its adherence to these regulatory guidelines, Crypto.com has recently purged Tether’s USDT and nine additional tokens from its platform, showcasing a proactive approach to compliance.
Beyond its European initiatives, Crypto.com is also focusing on fortifying its institutional services. With the launch of an advanced trading platform tailored for institutional and experienced traders in the U.S., the company is not only providing deep liquidity but also minimal latency, thus upgrading the trading experience significantly. This enhancement caters specifically to the increasingly sophisticated needs of advanced traders, indicating Crypto.com’s awareness of market demands.
To bolster its institutional client offerings further, Crypto.com has introduced a dedicated custody service. Crypto.com Custody provides a highly secure asset storage solution for institutional clients, adhering to stringent regulatory frameworks in key markets such as the U.S. and Singapore. The assets of North American clients are entrusted to Crypto.com Custody Trust Company, which is recognized as a Qualified Custodian by the New Hampshire Banking Department. In contrast, institutional clients outside North America can utilize Crypto.com Custody Singapore, which operates under the vigilance of the Monetary Authority of Singapore (MAS).
Enhanced Security Measures for Institutional Investors
Security remains a top priority for Crypto.com, especially with the increasing threats of cyberattacks in the digital asset space. The newly established custody platform incorporates advanced multi-party computation (MPC) technology, which safeguards private keys effectively. This proprietary security infrastructure not only enhances resilience against potential cyber threats but also assures institutional investors of seamless accessibility to their assets, a crucial factor in fostering trust and encouraging investment.
As Crypto.com continues to expand its offerings and strengthen its regulatory compliance, its strategic maneuvers in the European market, paired with robust institutional services, mark a transformative step towards becoming a leader in the global cryptocurrency landscape.
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