Shalini Nagarajan

A newly-registered investment fund from Spanish private bank A&amp;G will soon be trading crypto including bitcoin (<a href="https://blockworks.co/price/eth" target="_blank" rel="noreferrer noopener">BTC</a>) and ether (<a href="https://blockworks.co/price/eth">ETH</a>).



A&amp;G, with 12.4 billion euros ($13.7 billion) in assets under management, touts the actively-managed fund as the first of its kind in Europe.



Its managers will have the freedom to allocate the fund&#8217;s weight in any manner they deem fit, with at least 70% exposure to physical crypto at all times.



The fund will be overseen by Román González Torres and Rubén Ayuso, both of whom have prior experience managing other funds at A&amp;G.



Torres told Blockworks there will be a focus on “the main cryptocurrencies in terms of market cap and liquidity.” <a href="https://www.ayg.es/home" target="_blank" rel="noreferrer noopener">A&amp;G</a> registered the fund with Spain’s financial regulatory authority on July 21, and it is slated to <a href="https://www.ayg.es/sala-de-prensa/detalle-noticia/6560/a-and-g-lanza-el-primer-fondo-de-derecho-espanol-de-criptomonedas" target="_blank" rel="noreferrer noopener">launch</a> by the end of September this year. 



“If the market becomes overly optimistic (reaches exuberance), up to 30% of the fund may be held in cash. However, the core of the fund will always be invested in cryptocurrencies, making it a 100% crypto fund,” he said.



Some passively-managed crypto funds like <a href="https://blockworks.co/news/blackrock-bitcoin-etf-grayscale" target="_blank" rel="noreferrer noopener">Grayscale&#8217;s</a> Digital Large Cap Fund (GDLC) and Bitwise&#8217;s 10 Crypto Index Fund (BITW) track specific crypto indexes. GDLC is up 8.6% over the past year while BITW has gained 26.1%.



A&amp;G&#8217;s fund will not follow such an approach. Its managers will decide crypto exposure based on market conditions — liquidity and the like — and indicators from data providers such as Glassnode. Product updates and market adoption will also be factored in.



According to Torres, the fund will be an exchange-traded product. Investing through the fund provides tax benefits compared to direct investments in cryptocurrencies, especially when swaps are involved, he added.



Torres said the bank has been working on the fund&#8217;s launch for over two years, and the <a href="https://blockworks.co/news/mica-could-get-crypto-banked" target="_blank" rel="noreferrer noopener">introduction of MiCA</a> has been helpful in making it happen. There is no initial target size for the fund, a spokesperson told Blockworks.



A&amp;G has appointed CACEIS Bank, the asset servicing arm of Crédit Agricole, as the depositary of the fund and enlisted PwC as the auditor.



“The volatility will be high. We expect to beat the crypto market in the long run,” Torres said.&nbsp;



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$14B Spanish bank wants to beat market with actively-managed crypto fund

James Cirrone

Crypto exchange Ripio has been approved to operate in Spain, a move that follows competitors including Bit2Me and Bitpanda gaining regulatory approval to set up shop within the country.



After the Markets in Crypto Assets bill <a href="https://blockworks.co/news/eu-parliament-passes-mica-vote">was passed</a> in April, Spain has moved to set itself up as a hub for digital asset companies. <a href="https://blockworks.co/news/spain-crypto-com-registered">The Bank of Spain most recently granted Crypto.com</a> a Virtual Asset Service Provider (VASP) license.



To obtain a VASP license, companies must undergo a number of prerequisites. Among them are several documents, including a currency exchange registration form, a custody service registration form, and a risk analysis. Applicants must also provide a manual for preventing money laundering and terrorist financing.



Ripio CEO Sebastián Serrano disclosed the development on Twitter Tuesday, saying the company could now offer its services to Spanish customers. In addition to an exchange, Ripio also offers crypto products including a Web3 wallet.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Después de mucho trabajo! Finalmente en <a href="https://twitter.com/RipioApp?ref_src=twsrc%5Etfw">@RipioApp</a> Aprobados para operar en España 🇪🇸🚀 <a href="https://t.co/t2Gt4rE4YV">pic.twitter.com/t2Gt4rE4YV</a>&mdash; Sebastián Serrano (@sserrano44) <a href="https://twitter.com/sserrano44/status/1673698527938002947?ref_src=twsrc%5Etfw">June 27, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Ripio was founded in 2013 and has over 8 million retail users across Argentina, Brazil, Colombia, Chile, Mexico, Uruguay, Spain and the US, according to its <a href="https://www.ripio.com/en/">website</a>. The company has locked down over 1,000 institutional clients.&nbsp;



It has a suite of different products, including a trading platform. It also offers a crypto wallet and that pairs with a debit card. Essentially, the card can pay for items with the wallet’s balance, and after transactions are made it offers cashback in the form of USDC.



Over seventy firms are registered as virtual currency and e-wallet service providers through the Bank of Spain, <a href="https://blockworks.co/news/binance-affiliate-gains-regulatory-approval-in-spain">including Binance</a>. Binance operates in the country through a subsidiary.



Ripio representatives did not immediately return a request for comment.



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Spain gives Ripio greenlight to offer crypto products

Crypto.com has successfully obtained registration as a virtual asset service provider from the Bank of Spain, the company said Friday.



With regulators in the European Union set to adopt new standards and requirements aligned with <a href="https://blockworks.co/news/eu-members-reach-agreement-on-mica">Markets in Crypto Assets</a> (MiCA), Spain appears to be positioning itself as an early adopter and regulator-friendly environment for crypto-related activities.



“With this registration, Crypto.com may offer a suite of its products and services to users in Spain,” the exchange said in a <a href="https://crypto.com/company-news/crypto-com-obtains-virtual-asset-service-provider-registration-in-spain" target="_blank" rel="noreferrer noopener">statement</a>.



Spain’s central bank, the Bank of Spain, is responsible for granting licenses for the trading of cryptocurrencies and digital tokens. These licenses are aimed at safeguarding users and overseeing the activities of crypto trading.



To obtain a license, companies must provide a currency exchange registration form, custody service registration form, suitability assessment form for the company and its management, a manual for preventing money laundering and terrorist financing and a risk analysis document.



Institutions should apply via an electronic registry, and the central bank will take up to three months to process the application, according to a <a href="https://sedeelectronica.bde.es/sede/es/menu/tramites/autorizaciones-de-entidades-de-credito-y-otros/registro-de-proveedores-de-servicios-de-cambio-de-moneda-virtual-por-moneda-fiduciaria-y-de-custodia-de-monederos-electronicos.html" target="_blank" rel="noreferrer noopener">process description</a>.



The development follows the closure of Crypto.com&#8217;s institutional exchange service for customers in the US.



Crypto.com <a href="https://blockworks.co/news/crypto-com-suspending-us-institutional-exchange">clarified that the reason behind that decision</a> was the insufficient interest caused by the current regulatory conditions in the US, a likely reference to ongoing legal actions against prominent exchanges Binance and Coinbase.



Despite the setback, June hasn’t been so bad for the exchange, as it also <a href="https://crypto.com/company-news/crypto-com-obtains-major-payment-institution-licence-from-monetary-authority-of-singapore" target="_blank" rel="noreferrer noopener">scored a license</a> for digital payment token services in Singapore.



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Spain welcomes Crypto.com as a registered service provider

Ben Strack

The Spanish Tax Administration Agency’s warnings to crypto holders in Spain are part of a larger crackdown as governments seek to combat the potential underreporting of taxable dealings in the sector.&nbsp;&nbsp;



The agency was set to issue 328,000 crypto-related notices to taxpayers this year, Spain-based newspaper El Mundo reported Tuesday — a 40% increase from the year before.



Despite the year-over-year growth, the current number is still “moderate” considering the large number of investors who trade crypto, a spokesperson for the Spanish Tax Administration Agency told Blockworks in an email.



“The reason for the gradual growth is the increasing information that the Spanish Tax Agency has about operations with cryptocurrencies, and that information will be expanded next year with the new reporting obligations planned for crypto exchanges,” the representative added.



Taxpayers will find the notices in their tax data documents. These include general information to help individuals file their taxes.



<h2 class="wp-block-heading">How do they know who to send notices to?</h2>



The spokesperson said current methods for obtaining information used to issue these crypto-related notices stems from information requirements for financial entities, but declined to comment further.&nbsp;&nbsp;&nbsp;



Governments that issue these types of warnings often know which citizens are using particular services within the country, according to CoinLedger CEO David Kemmerer. The Spanish government has likely requested taxpayer information directly from crypto exchanges operating in <a href="https://blockworks.co/tag/spain">Spain</a>, he added.



“The Spanish government is likely coming to the realization that crypto tax compliance is relatively low within the taxpayer base compared to other asset classes,” Kemmerer told Blockworks. “Their warning letters are a way to drive further tax compliance amongst their tax base.”



The warnings come after the Spanish agency <a href="https://sede.agenciatributaria.gob.es/Sede/en_gb/notas-prensa/notas-prensa/La_Agencia_Tributaria_intensificara_el_control_de_residentes_en_Espana_que_rebajan_artificialmente_su_factura_fiscal_al_decla__e_No_Residentes.html">said</a> in February that its collections department would strengthen actions to locate crypto assets deemed susceptible to seizure.



Its Customs Surveillance Service will develop an investigation plan on crypto use to detect assets whose origin may be linked to criminal activities, the agency added in a statement at the time.



Spain previously issued requirements for crypto exchanges to comply with the European Union’s anti-money laundering directive. This made anonymity as an investor much more difficult to maintain, according to Pat Larsen, co-founder and CEO of ZenLedger.&nbsp;



“The evolution of technology in things like data analysis and blockchain forensics are now more readily available for tax authorities to effectively identify potential crypto traders,” Larsen said. “Large blockchain forensics companies are certainly working with EU governments on the regulation front.”



<h2 class="wp-block-heading">Crackdown on tax compliance goes beyond Spain</h2>



These warning notices to potential crypto users are not unique to Spain. 



The US’s Internal Revenue Service (IRS) began <a href="https://www.irs.gov/newsroom/irs-has-begun-sending-letters-to-virtual-currency-owners-advising-them-to-pay-back-taxes-file-amended-returns-part-of-agencys-larger-efforts">sending</a> letters to taxpayers with crypto transactions in July 2019. The agency planned to send out 10,000 educational notices — “to help taxpayers understand their tax and filing obligations and how to correct past errors” — by the end of August of that year.



The IRS has gathered information related to tax noncompliance in various ways, including through John Doe summonses against <a href="https://www.justice.gov/opa/pr/court-authorizes-service-john-doe-summons-seeking-identities-us-taxpayers-who-have-used">Coinbase</a> in 2016 and <a href="https://www.justice.gov/opa/pr/court-authorizes-service-john-doe-summons-seeking-identities-us-taxpayers-who-have-used-1">Kraken</a> in 2021.



The IRS sent more letters in 2020, according to a CoinLedger <a href="https://coinledger.io/blog/irs-sending-more-cryptocurrency-warning-letters">blog</a>. While educational notices are sent preemptively, Kemmerer told Blockworks, others, known as Notice <a href="https://coinledger.io/blog/irs-notice-cp2000-for-cryptocurrency">CP2000</a>, specify the amount that a person supposedly owes the IRS. 



The CP2000 notices are sent when there appears to be a discrepancy between what a taxpayer pays and 1099-Ks that the government receives from crypto exchanges.



“The IRS is getting increased funding and this will certainly lead to more enforcement and audit activities,” Larsen said.



Crypto exchanges are not yet required to report 1099-Bs — a form that reports a taxpayer’s capital gains and losses after selling certain assets — to the IRS. That is set to change next year, which Kemmerer previously said <a href="https://blockworks.co/news/crypto-tax-reporting-to-skyrocket">will likely cause crypto tax compliance to “skyrocket.”</a>&nbsp;



Outside of the US, the UK is also watching the segment more closely.&nbsp;



Coinbase <a href="https://www.comsuregroup.com/news/coinbase-issues-a-crypto-assets-tax-warning-about-hmrc-declarations/">warned</a> its UK clients last month to notify UK tax authority HMRC if they cashed out more than 5,000 pounds in fiat during the 2021 tax year. The agency has asked exchanges in recent years to reveal the names of UK users and details about their crypto transactions.



The UK government <a href="https://www.gov.uk/government/publications/spring-budget-2023/spring-budget-2023-html">revealed</a> in its spring budget that it is set to require taxpayers to report crypto taxes separately, starting for the tax year of 2024 to 2025.



These upcoming measures come as UK regulators are cracking down on centralized exchanges. The country’s Financial Conduct Authority last year banned Binance Markets Limited from operating there.



Once HMRC has more control over such exchanges, the agency could trace crypto that leaves the exchange into non-custodial wallets, said Hanna Milczarek, chief marketing officer for crypto tax company Cryptiony.&nbsp;



“If you do not pay, HMRC may calculate what they believe you owe and add penalties or interest to the bill — up to 100% of what you owe,” Milczarek told Blockworks. “In more severe cases, you could even face criminal charges.”



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Spain’s Crypto Tax Warnings Mirror Broader Effort in US, UK

Ornella Hernandez

<div id="highlights-block_630e35d9e3674" class="highlights">
 <ul>
 <li>Speakers included representatives from FTX, KuCoin, Waves and a delegation from El Salvador</li>
 <li>A Spanish regulator issued a warning to Mundo Crypto and its sponsors a few days before the event, reminding them they are “not licensed to advise on financial instruments or broker investment transactions.”</li>
 </ul>
 
</div>



Spain’s largest-ever crypto event was met with a few obstacles last week, including not-so-favorable press from a regulator and internet issues that thwarted a Guinness World Record attempt.



Blockchain education platform Mundo Crypto, the event host, intended to deliver a live virtual reality (VR) presentation about its upcoming learn-to-earn metaverse, which aims to transfer its 2D online courses to 3D <a href="https://cms.blockworks.co/the-investors-guide-to-the-metaverse/" target="_blank" rel="noreferrer noopener">metaverse</a> offerings.


<div class="wp-block-image">
<figure class="alignright size-medium"><img decoding="async" loading="lazy" width="300" height="169" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/08/mundo-crypto-1-300x169.png" alt="" class="wp-image-29605" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/08/mundo-crypto-1-300x169.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/mundo-crypto-1-300x169.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/mundo-crypto-1-300x169.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/mundo-crypto-1-300x169.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/mundo-crypto-1-300x169.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/mundo-crypto-1-300x169.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/mundo-crypto-1-300x169.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/mundo-crypto-1-300x169.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/mundo-crypto-1-300x169.png?w=50 50w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/mundo-crypto-1-300x169.png?w=1600 1600w" sizes="(max-width: 300px) 100vw, 300px" /><figcaption>The VR headsets distributed to event attendees | Photo: Ornella Hernandez</figcaption></figure></div>


Almost 7,000 virtual reality headsets were distributed to attendees — a stab at breaking the record for the most people simultaneously using VR displays — but internet connection issues disrupted the company’s plans.



Founder Mani Thawani instead took the stage in person at the indoor sporting arena in Madrid, Spain, instead of his avatar speaking to the audience through the headsets.



&#8220;Cryptocurrencies represent freedom. And we know that the expression of freedom converges in the metaverse,&#8221; Thawani said, explaining his vision for “responsible massive adoption.” He intends for the Mundo Crypto metaverse to be an educational and virtual “gateway to an industry unknown to many.”&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Algunos de los mejores momentos de la noche ❤️🙏🏻 <a href="https://t.co/88d4wu6R24">pic.twitter.com/88d4wu6R24</a>&mdash; Mundo Crypto Oficial (@MundoCrypto_ES) <a href="https://twitter.com/MundoCrypto_ES/status/1563939663114604546?ref_src=twsrc%5Etfw">August 28, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Leading up to Thawani’s presentation, attendees listened to panels featuring companies such as FTX, KuCoin and Waves; European economists; crypto influencers including Brock Pierce; and even a delegation from El Salvador. The spectacle-like event also included a car giveaway, a magic show and crypto jeopardy interludes.&nbsp;



What does it take to put on such a grand-scale event during a bear market? In this case, 2 million euros and regulatory intervention.



A few days before the event, Spain’s National Securities Market Commission (CNMV) <a href="https://elpais.com/economia/2022-08-23/la-cnmv-alerta-sobre-el-macroevento-de-criptomonedas-de-este-sabado-en-madrid.html" target="_blank" rel="noreferrer noopener">issued</a> a warning to Mundo Crypto and its sponsors, reminding them they are “not licensed to advise on financial instruments or broker investment transactions.”



Mundo Crypto has held a spot on the CNMV’s “gray list” since July 2021, which includes entities not registered with the regulatory body “that could be carrying out any type of fundraising activity or providing any financial service.”



Thawani told Blockworks the resulting media attention had both positive and negative effects. “Thanks to all the news published, we have managed to make the crypto industry more known and to start generating more curiosity. The negative is that many speakers and sponsors dropped due to media and political pressure” he said.



Binance and PlayStation pulled out as sponsors at the last minute. Police and paramedics were parked outside of the WiZink Center for the nearly 7-hour “Metaverse Day.”&nbsp;


<div class="wp-block-image">
<figure class="alignright size-medium"><img decoding="async" loading="lazy" width="300" height="169" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/08/wizink-center-1-300x169.png" alt="" class="wp-image-29608" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/08/wizink-center-1-300x169.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/wizink-center-1-300x169.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/wizink-center-1-300x169.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/wizink-center-1-300x169.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/wizink-center-1-300x169.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/wizink-center-1-300x169.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/wizink-center-1-300x169.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/wizink-center-1-300x169.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/wizink-center-1-300x169.png?w=50 50w, https://blockworks-co.imgix.net/wp-content/uploads/2022/08/wizink-center-1-300x169.png?w=1600 1600w" sizes="(max-width: 300px) 100vw, 300px" /><figcaption>WiZink Center | Photo: Ornella Hernandez</figcaption></figure></div>


Despite the controversy, some attendees found the event — tailored to consumers just starting out in crypto — refreshing.



As opposed to crypto events such as ETHBCN or Solana Breakpoint, which center developers, the Mundo Crypto event “focused on a novice user who is researching about cryptocurrencies, who has friends who have talked about it, or who follows some influencer,” Xavier Molina, FTX’s manager for the Iberia region, told Blockworks.



“I think they wanted to give a show and they did it,” he said. “It was the biggest cryptocurrency show that has been put on in Spain. Most of the criticism came from the crypto community itself, mostly veteran people. But they must understand that it had a different target audience.”



Sasha Ivanov, CEO and founder of Waves protocol, offered some advice to blockchain beginners attending the event: “Stop trading so much. Instead, pick up a project you like and understand how it works. Participate in the community.”



“Blockchain technology needs to be used everyday, not just for trading. The next step is to make blockchains ubiquitous,” he added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">7 k people at <a href="https://twitter.com/MundoCrypto_ES?ref_src=twsrc%5Etfw">@MundoCrypto_ES</a> event in Madrid. Next wave of interest for blockchain is coming <a href="https://t.co/xvbOMv2lDL">pic.twitter.com/xvbOMv2lDL</a>&mdash; Sasha Ivanov 🌊 (1 ➝ 2) 🏄‍♂️ (@sasha35625) <a href="https://twitter.com/sasha35625/status/1563573020219756545?ref_src=twsrc%5Etfw">August 27, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The Mundo Crypto team decided post-event to refund buyers the cost of their ticket — 49.35 euros — whether they attended the event or not.



Interviews in this article were conducted in Spanish.



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Regulatory Criticism, Internet Troubles Disrupt Spain’s Largest Crypto Event

<div id="highlights-block_62c8776047de6" class="highlights">
 <ul>
 <li>Binance’s director of regulatory policy said he believes he can accomplish more with regulators at the exchange than he did at the FCA</li>
 <li>The company gained regulatory approvals in France, Italy and Dubai earlier this year</li>
 </ul>
 
</div>



Spain’s national bank has given the regulatory go-ahead to a Binance affiliate as the cryptocurrency exchange looks to bolster its European business.&nbsp;



The registration as a virtual asset services provider (VASP) was granted to the affiliate — Moon Tech Spain — by the Bank of Spain. The Binance subsidiary applied in late January.&nbsp;



The distinction allows the company to offer cryptoasset exchange and custody services in Spain that comply with the central bank’s anti-money laundering and counter-terrorist financing rules.&nbsp;&nbsp;



Quim Giralt, director of Binance Spain, said in a statement the business now plans to significantly expand its team and operation, noting the firm will look to hire local talent in the coming years to serve the Spanish-speaking market.&nbsp;



The VASP designation comes as Binance CEO Changpeng Zhao has repeated in recent months that effective regulation is essential for the widespread adoption of cryptocurrencies.&nbsp;



Binance has invested significantly in compliance, Zhao added in a statement. The company in April <a href="https://cms.blockworks.co/latest-in-crypto-hiring-binance-recruits-former-regulators/" target="_blank" rel="noreferrer noopener">appointed</a> Steven McWhirter as its director of regulatory policy and Seth Levy as head of market surveillance. 



McWhirter, who spent nearly a decade at the United Kingdom’s <a href="https://www.fca.org.uk/" target="_blank" rel="noreferrer noopener">Financial Conduct Authority</a> (FCA), told Blockworks in an interview that regulators’ objectives are not necessarily incompatible with responsible operators. 



He noted, too, that he is focused on ensuring regulators don’t get too distracted by recent volatility or other incidents in the space.&nbsp;



“Many regulators and many governments are spending a lot of time debating and discussing the right approach to crypto and regulation, and that’s something that we’re actively engaged in,” McWhirter said. “I think I can achieve as much sitting here to help regulators achieve their objectives as I did at my old job.”&nbsp;



The news also follows Binance gaining regulatory approval in two other European countries in May.&nbsp;



<a href="https://cms.blockworks.co/binance-gains-regulatory-approval-in-italy/" target="_blank" rel="noreferrer noopener">Binance Italy registered</a> as a cryptocurrency service provider with the Organismo Agenti e Mediatori (OAM) — a requirement under the country’s legislation. Earlier that month, the exchange became an official digital asset service provider in France by the Autorité des marchés financiers (AMF).  



“That three EU countries have granted us a registration is testament to our commitment to collaborate with regulators and shows that we already comply with international standards,” a Binance spokesperson told Blockworks. “Binance is committed to obtaining similar registration and licenses as required by local regulators in Europe and other regions.”



The company <a href="https://cms.blockworks.co/binance-granted-license-to-operate-in-dubai/" target="_blank" rel="noreferrer noopener">gained a virtual asset license from Dubai’s regulator</a> in March, allowing it to offer limited exchange products and services to pre-qualified investors and professional financial service providers. 



The representative and McWhirter did not reveal where Binance is hoping to obtain additional licenses.



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