The cryptocurrency exchange Crypto.com has announced the successful completion of the process to obtain a license for operating in financial instrument markets (MiFID). This license will allow the platform to expand its range of investment services within the European Economic Area (EEA).
This is reported by Business • Media
According to official information, the license was issued following the approval by the Cyprus Securities and Exchange Commission (CySEC) of the acquisition agreement for A.N. Allnew Investments Ltd, which is a licensed provider of investment services. Thus, Crypto.com will have the opportunity to offer its users access to traditional financial market instruments, including securities, derivatives, and contracts for difference (CFD).
Expansion of Product Range
Obtaining the new license also opens doors for the expansion of the platform’s product line, confirming the company’s intentions to launch new services in the EEA market. Co-founder and CEO of Crypto.com, Kris Marszalek, emphasized the significance of this achievement, stating:
“Obtaining the MiFID license further strengthens Crypto.com’s position as a provider of the most comprehensive and regulated set of financial products for users in the EEA.”
Market Competition
It is worth noting that previously another cryptocurrency exchange, Kraken, also received permission to operate in financial instruments in the EU after acquiring a Cypriot investment firm. This indicates the growing competition among cryptocurrency market operators in Europe, who are striving to provide their users with more financial opportunities.