Crypto.com announced on Monday evening that it has received conditional approval for a Virtual Asset Service Provider (VASP) license from the Cayman Islands Monetary Authority (CIMA). The crypto broker and trading platform is the first company in the digital assets space to receive conditional approval from the regulator.
Crypto.com originally secured VASP registration from CIMA in August 2022.
The conditional approval allows Crypto.com to expand its range of products and services in the jurisdiction, with a particular focus on the Crypto.com Exchange, its platform designed for advanced traders and institutions.
Commenting on the announcement, Crypto.com Co-Founder and CEO Kris Marszalek said the company’s growth strategy has been firmly rooted in regulation and compliance.
“Crypto.com has built our foundation for growth and success on regulation and compliance,” said Marszalek “We are tremendously proud to be our industry’s leader in licenses and registrations, and to now be the first digital asset firm to receive this approval in the Cayman Islands. We look forward to continuing to build on our service offerings in line with market regulations.”
Crypto.com expects to receive full authorization from CIMA in the coming months, subject to the completion and submission of all remaining regulatory requirements.
The crypto broker is likely to use the entity for onboarding customers in emerging markets and other countries where it can rely on looser regulations or reverse solicitation rules.
