The most rapidly expanding crypto company across the globe, Crypto.com, confirmed today having inked a Pre-Registration Undertaking with the Canada-based Ontario Securities Commission (OSC). The agreement is recognized on the behalf of the OSC as well as the entirety of the jurisdictions within the country via a mutual Canadian Securities Administration (CSA) endeavor. With this initiative, Crypto.com becomes the earliest crypto venue worldwide to operate according to the respective regulatory undertaking within the country. Earlier, it had obtained registration in South Korea as ell to provide Virtual Asset facilities.
Crypto.com Secures Pre-Registration Undertaking for Its Practices in Canada
In line with the conditions of the contract, the crypto platform needs to collaborate with the regulator to provide a package of services as well as goods in thorough compliance with the regulations implemented within Canada. The agreement is based on the present regulations of Crypto.com in Canadian jurisdiction in agreement with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as well as Quebec’s Autorité des marches financiers (AMF).
Crypto.com’s chief executive officer “Kris Marszalek” stated that the core significance is given to regulatory compliance among the activities done on the venue. He added that Canadian, as well as the North America-based market particularly, denote a considerable zone of likely advancement for the market of cryptocurrency and that they are gratified to cooperate with the CSA and the OSC, making the platform a reliable, secure, and safe forum for the consumers worldwide.
Overwhelming Expansion of Crypto.com
Crypto.com keeps on enthusiastically multiplying and growing its ecosystem, with the inclusion of up to 50M customers across the globe. The declaration puts focus on the regulatory license potential of Crypto.com, with a recent acquisition of an in-principle authorization for a Major Payment Institution License to be given by the Monetary Authority of Singapore along with Electronic Financial Transaction Act and Virtual Asset Service Provider license to operate within South Korea.
The rest of the approvals take into account the registration provided by Italian Organismo Agenti e Mediatori (OAM), registration from the Securities and Exchange Commission in Cyprus, registration from the Hellenic Capital Market Commission in Greece, and the regulatory authorization granted by the Cayman Islands Monetary Authority. Crypto.com was established in 2016 and serves up to 50M clients with the title of being the most rapidly expanding crypto venue in the world.
The mission of Crypto.com is to offer crypto to everyone on the Earth, with the provision of proper compliance, privacy, and security. The exchange is devoted to elevating crypto adoption via the new technology’s incorporation as well as enabling the creators, builders, and entrepreneurs’ upcoming generation to construct a more impartial and unbiased digital ecosystem.
Recently, the OSC has prohibited KuCoin (a crypto exchange) from running within the jurisdiction after its reported violations of securities laws. The penalty imposed on KuCoin was to recompense $1.54M in fines along with the funds spent on the investigation. The regulator claimed that the demands of the OSC had not been complied with by the exchange.
