Tiger Brokers brings online crypto trading to Hong Kong

Regulatory Approval Sees Crypto.com Expand Services to SpainSingapore-based cryptocurrency exchange service provider Crypto.com has achieved a significant milestone by obtaining a virtual asset service provider registration from Spain’s central bank, the Bank of Spain.The company announced the achievement via a statement published to its website on Friday. This regulatory approval grants Crypto.com the opportunity to offer a wide range of crypto-focused services to customers in Spain, a country that has recently shown a positive approach towards cryptocurrencies.Photo by Pixabay on PexelsCompliance reviewIn order to secure this approval, Crypto.com underwent a thorough review of its compliance with the Anti-Money Laundering Directive and ensured adherence to other financial crime laws. This recent regulatory success in Spain comes shortly after Crypto.com acquired a major payment institution license for digital payment token services from the Monetary Authority of Singapore, further cementing its position as a trusted and compliant player in the crypto industry.Kris Marszalek, the CEO of Crypto.com, hailed the entry into the Spanish crypto market as a testament to the company’s commitment to compliance. He expressed enthusiasm about collaborating with the Bank of Spain and emphasized Crypto.com’s dedication to providing users with a comprehensive, safe, and secure crypto experience.Global licensing accumulationWith the latest regulatory approval, Crypto.com establishes itself as a regulated platform in nearly a dozen countries. In addition to Spain, the company has obtained regulatory nods in prominent jurisdictions such as Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece, and the Cayman Islands.The journey of Crypto.com mirrors the growth trajectory of the crypto industry during the bull market of 2021–2022. Like many other crypto businesses, Crypto.com experienced remarkable expansion, forming strategic partnerships with mainstream entities and gaining regulatory approvals across multiple jurisdictions. One notable achievement was Crypto.com securing the naming rights to the renowned Staples Center in Los Angeles, a multipurpose arena that hosts a wide range of public events, including boxing and basketball competitions.Market challengesHowever, the recent bear market presented challenges for the platform. Decreased demand resulted in business difficulties, leading Crypto.com to make the strategic decision to close its institutional platform in the United States in early June.Earlier this week, the company garnered adverse publicity when it was found that it has been using an internal market maker to trade against its own customers. Despite this setback, Crypto.com remains resolute in its mission to expand its presence and offer crypto services in new markets.The regulatory approval in Spain marks a significant step forward for Crypto.com’s global expansion plans. As the crypto industry continues to evolve, regulatory compliance plays a pivotal role in building trust.The development of digital assets has proven to be imperfect. Crypto.com’s experience appears to mirror that reality. Notwithstanding the market difficulties that the firm has experienced and some occurrences that serve to blemish its record, successfully obtaining regulatory approval in Spain is still a positive step for the company in further establishing itself as a global player in the retail crypto domain.

Klasha, a leading global cross-border payment company based in Africa, has officially announced its partnership with Singapore-headquartered FOMO Pay, a digital payment, banking and digital assets solutions provider in the Asian market. Streamlining collections and paymentsIn a press release published on Wednesday, the two companies outlined the nature of the partnership. Through this collaboration, FOMO Pay will optimize collections for its corporate clients by leveraging Klasha’s platform. This synergy enables businesses to receive payments in various local African currencies and methods, with the added flexibility of receiving payouts in their preferred currencies.Photo by George Bakos on UnsplashUnlocking growth opportunitiesThe duo also envision the unlocking of growth opportunities for Asian businesses looking to expand into new markets within Africa. By facilitating seamless cross-border payments, Klasha and FOMO Pay believe that they can help businesses diversify and broaden their customer base. In the joint statement, the management teams of Klasha and FOMO Pay expressed their enthusiasm for the collaboration. Jess Anuna, CEO of Klasha, shared her insights, stating:"With combined efforts, we will continue to enable merchants in Asia to collect payments from the continent more seamlessly through our payment rails and our unique ability to terminate payments in greater Asia." Africa has been undergoing a transformation from the perspective of trade relationships while Asia is emerging as a pivotal trading partner, contributing to over 40% of both exports and imports for the continent. It is with that in mind that Klasha and FOMO Pay have united to introduce a platform aimed at enhancing cross-border payment capabilities for businesses and merchants across Africa and Asia. Crypto credentialsFOMO Pay claims to be Asia’s first licensed gateway connecting fiat currencies and cryptocurrencies. The firm was established in 2015 and is regulated by the Monetary Authority of Singapore (MAS) to conduct cross-border money transfer services, domestic money transfer services, digital payment token services and merchant acquisition services. In 2022 FOMO Pay announced a partnership with enterprise blockchain firm Ripple, which resulted in the fledgling company using Ripple’s On-Demand Liquidity (ODL) offering, a product that revolves around the use of Ripple’s XRP in moving value globally, without the need for correspondent banking relationships. In July of last year, FOMO partnered with crypto compliance and blockchain analytics firm Elliptic. That partnership is aimed at building out a payment ecosystem in Asia that offers seamless interoperability between fiat currency and cryptocurrency. With that same goal in mind, last September FOMO Pay initiated a collaboration with crypto sector decision making specialist, Notabene, who are helping the company optimize in terms of know-your-transaction capabilities. Zack Yang, co-founder of FOMO Pay, emphasized the partnership's significance, stating:"In this era of globalization, the synergy between FOMO Pay and Klasha marks a significant milestone in increasing financial connectivity between Africa and Asia. Our partnership is more than just a business collaboration; it's a commitment to fostering seamless payments and economic growth across continents. This collaboration not only opens up new avenues for African and Asian merchants, facilitating market expansion and easing entry into new territories, but also provides greater opportunity for merchants in those regions to fully benefit from day-to-day use of digital assets in international trade.

Bitget Adopts Stricter KYC Measures in Line with Global RegulationsBitget, the cryptocurrency derivatives exchange registered in Seychelles, has announced a significant update to its Know Your Customer (KYC) requirements.Announced via a blog post published to its website on Sunday, the move is aimed at enhancing user security and ensuring compliance with evolving global regulatory guidelines, joining other exchanges like KuCoin and OKX in tightening its KYC policies.Photo by Brett Jordan on UnsplashChanges taking effect in SeptemberStarting from September 1, Bitget will enforce level 1 KYC verification for all new users accessing its services, including depositing and trading digital assets. Existing users are also required to complete this level 1 verification by October 1. After this deadline, users who have not completed the verification will have limited functionality on the Bitget platform, including only being able to withdraw, cancel orders, redeem subscriptions, and close positions. They will be unable to initiate new trading orders.The KYC process involves verifying users’ identities and is commonly used by regulated entities to assess risk. Bitget emphasizes the importance of this verification process to maintain a secure trading environment and comply with regulatory recommendations.Following an industry trendBitget’s decision to reinforce its KYC standards aligns with the broader trend observed across the cryptocurrency exchange landscape. In the wake of increased regulatory scrutiny earlier this year, many exchanges have taken steps to strengthen their verification procedures. KuCoin, for instance, introduced mandatory identity checks in July to align with global Anti-Money Laundering (AML) regulations. Similarly, OKX is implementing a KYC process for identity verification, with a deadline also set for September.As regulatory frameworks evolve worldwide, cryptocurrency exchanges are under increased pressure to align with stricter standards. Bitget’s decision to enhance its KYC measures signifies its intention to maintain a secure and compliant trading environment for users, and to appease global regulators. This announcement follows a series of proactive steps taken by the exchange this year, indicating its dedication to navigating the changing regulatory landscape and promoting user security.Bitget has made headlines throughout the year for various developments, including the inclusion of Liquid Staking Derivatives (LSDs) as a margin option for crypto futures customers. As recently as last week, the platform garnered attention within the crypto sector, having gotten itself embroiled in a legal dispute with crypto influencer Evan Luthra.Earlier this year the platform acquired the Singapore-based BitKeep cross-chain wallet business. It’s believed that acquisition has assisted the company in achieving further growth in 2023, with 20 million users.Bitget invested $10 million in Fetch.ai, an artificial intelligence platform, and launched a referral program to expand its user base. Moreover, Bitget’s collaboration with comedian Adam Devine for a promotional campaign underscored its innovative marketing strategies.Bitget’s adoption of stricter KYC measures reflects the broader trend of exchanges bolstering their verification procedures in response to global regulatory changes. As regulatory expectations continue to evolve, exchanges worldwide are revisiting their policies to ensure a secure and trustworthy trading environment for their users.