According to a press statement on August 11, the Cayman Islands Monetary Authority (CIMA) has registered and given regulatory authority for Crypto.com, a Singapore-based cryptocurrency exchange with more than 50 million customers worldwide, to operate as a Virtual Asset Service Provider.
With this approval, Crypto.com can now provide various financial goods and services while still adhering to local laws. The Cayman Islands is one of the countries that welcome cryptocurrency the most. The VASP Act states that Cayman Islands entities issuing, transferring, or holding digital assets are exempt from all capital gains, income, inheritance, and other taxation.
For this reason, the Cayman Islands have become a well-known hub for cryptocurrency businesses. The Cayman Islands recognize virtual assets as digital representations of value that can be traded and used as investments, including cryptocurrencies and other digital assets.
According to Kris Marszalek, Co-Founder and CEO of Crypto.com, this regulatory license in the Cayman Islands is the strongest example of Crypto.com’s dedication to compliance and their constructive approach to regulator interaction.
Further, he added that we are excited to add more products and services to our portfolio and keep collaborating with stakeholders from many industries to advance blockchain technology. The bitcoin exchange has been extending its reach internationally and currently boasts more than 50 million users. The simple goal of our organization is to put cryptocurrencies in every wallet, he stated.
The mission of Crypto.com is to innovate to accelerate the adoption of cryptocurrencies and to equip the next generation of entrepreneurs, builders, and innovators to construct a more equitable and fair digital economy. With millions of users worldwide, Crypto.com’s ecosystem is always growing and improving because it is built on compliance, security, and privacy.
This declaration follows the recent receipt by Crypto.com of preliminary approval for a Major Payment Institution License from the Monetary Authority of Singapore, registration in South Korea under the Electronic Financial Transaction Act, interim authorization for its Digital Asset License from the Dubai Virtual Assets Regulatory Authority and as a Virtual Asset Service Provider from the Organismo Agenti e Mediatori (OAM), registration in Greece from the Financial Regulator, and registration in South Korea under the Electronic Financial Transaction Act (OAM).