Crypto exchange from Singapore Crypto.com reportedly doubled down on the aggressive expansion of its presence, becoming the most recent crypto entity securing the greenlight to set up shop in Cyprus.

Specifically, Crypto.com has reportedly managed to obtain a regulatory greenlight from the Cyprus Securities and Exchange Commission (CySEC). 

The freshly secured licensing will reportedly make it legally possible for Crypto.com to provide a wide range of offerings and services to customers in Cyprus, in compliance with local laws. 

The new regulatory milestone achievement was reportedly aligned with Crypto.com’s rising international reach, with the company has been putting in extensive efforts to widen the scope of its presence, acquiring the go-ahead to function in different nations like Italy, Greece, and Singapore.

As revealed by Crypto.com co-founder and current Head Kris Marszalek, at the moment, the exchange put Europe as a priority to be the primary area for continued expansion. That is a “testament to our commitment to compliance and collaboration with regulators,” he remarked. 

Crypto.com is joined by other cryptocurrency exchange platforms that previously also managed to snatch approvals to operate in Cyprus. High-profile rival exchange FTX has also been working on its Europe expansion, following its success in obtaining greenlight from the CySEC in March this year. 

Other exchanges such as Coinbase have also been showing an increasing interest in widening the scope of their operation to cover Europe during bearish movements throughout the market.

Regardless of exchanges across the globe putting in increasing efforts to set up their presence in the Cypriot market, the authority in Cyprus has not offered particular clarity regarding cryptocurrency regulation in recent years.