Europe: a Precedence Area for CryptoCom
In accordance with the official press release, CryptoCom will now be capable to supply a spread of services to clients within the island nation whereas complying with the native rules.
In latest instances, CryptoCom additionally scored registration from Greece’s Hellenic Capital Market Fee, Italy’s Organismo Agenti e Mediatori (OAM), in-principle approval for a Main Fee Establishment License from the Financial Authority of Singapore (MAS), and provisional approval of its Digital Asset License from the Dubai Digital Property Regulatory Authority.
Commenting on the most recent regulatory nod, Co-Founder and CEO of CryptoCom, Kris Marszalek, mentioned Europe stays to be a key area for the platform’s growth efforts. The exec went on so as to add,
“Europe is a precedence area for Crypto.com and our continued growth available in the market is a testomony to our dedication to compliance and collaboration with regulators. Our registration in Cyprus is the following important step in our continued progress as we develop our services to extra clients.”
Layoffs and Growth throughout Crypto Winter
Because the crypto winter set in, exchanges have resorted to a number of measures to handle working capital after a sudden fall by way of revenues, buying and selling quantity, in addition to profitability. CryptoCom introduced that it’ll lay off 5% of its company workforce because the market took a beating. Nonetheless, individuals acquainted with the matter mentioned the precise proportion is far increased.
However, on the growth facet of issues, there’s no stopping. Different platforms have additionally been increasing their operations globally. Other than CryptoCom, FTX additionally received licensing from Cyprus’ regulatory company to launch FTX Europe earlier this yr.
Gemini and Coinbase additionally made headlines through the peak volatility within the Q2 of the yr by making workforce cuts. Each the platforms have obtained regulatory licenses in Europe as a part of their aggressive growth roadmaps. Whereas Coinbase acquired a crypto asset service supplier license from Italy’s OAM, Gemini became the primary crypto alternate approved to function as a VASP in Eire.