The news comes days after the Italian financial regulator OAM agreed to CryptoCom to provide digital asset products and services.
Leading cryptocurrency exchange, CryptoCom, has announced it has received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) to continue its European expansion.
Europe: Priority Region for CryptoCom
According to the official press release, CryptoCom will now be able to offer a wide range of products and services to customers in the island nation while complying with local regulations.
In the recent past, CryptoCom has also scored a registration from the Hellenic Capital Markets Commission of Greece, the Italian Organismo Agenti e Mediatori (OAM), in principle approving the Primary Payment Institution License from the Money Authority. Singapore Currency (MAS) and provisional approval for its Virtual Currency Property License from Dubai Virtual Assets Authority.
Commenting on the latest regulation, CryptoCom Co-Founder and CEO, Kris Marszalek, said Europe remains an important region for the platform’s expansion efforts. The moderator went on to add,
“Europe is a priority region for Crypto.com and our continued expansion into the market is testament to our commitment to compliance and cooperation with regulators. Our registration in Cyprus is the next important step in our ongoing progress as we expand our products and services to more customers”.
Layoffs and expansions during crypto winter
As the crypto winter began, exchanges took several measures to manage working capital following a sudden drop in revenue, trading volume, and profits. CryptoCom announced that it will lay off 5% of the company’s workforce when the market starts to fail. However, people familiar with the matter say the actual rate is much higher.
However, on the extended side of things, there is no end to it. Other platforms have also been expanding their operations globally. In addition to CryptoCom, FTX also received a license from the Cypriot regulator to launch FTX Europe earlier this year.
Gemini and Coinbase also made headlines during peak volatility in Q2 of the year by cutting workforces. Both platforms have received regulatory licenses in Europe as part of their aggressive expansion roadmap. While Coinbase obtained a crypto-asset services license from Italy’s OAM, Gemini became the first crypto exchange to be allowed to operate as a VASP in Ireland.