Global cryptocurrency exchange Crypto.com has now inked a Pre-Registration Undertaking with Canada’s Ontario Securities Commission (OSC). With this agreement in place, Crypto.com becomes the first worldwide cryptocurrency platform to comply with this regulatory commitment in Canada. As a result of a collaborative effort by the Canadian Securities Administrators (CSA), the OSC is now recognized throughout the country.
Crypto.com’s unending expansion ambitions
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Autorité des marchés financiers (AMF) of Quebec already govern Crypto.com in Canada. This new commitment expands on this. In accordance with the provisions of the agreement, Crypto.com will collaborate with the OSC to provide a range of services that are compliant with all applicable Canadian laws and rules.
The chief executive officer of the company, Kris Marszalek, believes that the North American market in general and Canada in particular offer a substantial area of potential growth for the cryptocurrency sector. There is a growing need for a secure and trustworthy worldwide platform in the crypto industry. Therefore, the company is keen on collaborating with the OSC and the CSA to meet the needs of Canadian crypto investors.
Even though the market has been down for a while, today’s announcement keeps the momentum going for Crypto.com’s acquisitions of regulatory licenses. Several Asian and European governments have granted the corporation official permission to conduct business. Registration with the Italian Organismo Agenti e Mediatori (OAM), approval from the Cyprus Securities and Exchange Commission, and registration with the Hellenic Capital Market Commission are the other recent approvals.
The company also received preliminary approval for a Virtual Asset License from the Dubai Virtual Assets Regulatory Authority and a Temporary Major Payment Institution License from Singapore’s Monetary Authority. It is unlikely that this will be the last of last of such license acquisitions, going by Crypto.com’s mission to make cryptocurrencies available to the masses.