New database with over 3,000 entities registered in 39 countries
NEW YORK, NY, June 13, 2023 /24-7PressRelease/ — As the SEC pursues prominent crypto exchanges like Coinbase and Binance, the question arises: where will these exchanges turn their focus next?
Coincub’s comprehensive “VASP Registration Report 2023” provides insights into the global landscape where these exchanges hold registrations, offering a glance at their overlapping and differing areas of presence. Moreover, the database casts a wider net to map global exchanges that hold registrations in one, two or more countries, adding another dimension to this complex landscape.
In the in-depth study, Coincub revealed the evolving landscape of global crypto licensing, highlighting Europe’s commanding lead with 1577 registrations across 20 countries.
Coincub’s “VASP Registration Report 2023” underscores Canada’s pioneering role in the crypto registration landscape. With a record 1,254 companies registered under ‘Dealing in virtual currencies,’ Canada outperforms other developed economies in embracing digital assets.
Selva Ozelli, renowned author of “Sustainably Investing in Digital Assets Globally,” commented, “Canada has offered clear licensing agreements for VASPs, including those involved in virtual currency dealings.”
Following Canada, Lithuania has emerged as the second-largest provider of crypto licenses globally. The Lithuanian government’s transparent and cost-effective authorization process for virtual currencies has fostered a conducive environment for blockchain-based businesses.
The report also reveals that 39 countries now offer specific crypto licenses to VASPs and DASPs, reflecting the growing global recognition of the crypto industry’s significance in the global financial landscape.
The study further underlines the accelerating interest and participation in the crypto market, with over 3000 companies worldwide currently holding a crypto license. It also highlights that 64 companies have successfully secured crypto licenses in two or more countries, signifying their dedication to global expansion.
Only a select group of nine companies have demonstrated exceptional commitment to regulatory compliance and international standards, registering in five or more countries.
Navigating the fragmented regulatory landscape remains a significant challenge for crypto exchanges. They must comply with different rules in each jurisdiction, making the process of obtaining licenses and registrations arduous and time-consuming. Consequently, many crypto exchanges are not crypto-registered in the majority of countries where they offer services, a complexity that the industry must address as it continues to evolve.
Full VASP Registration Report 2023 can be found here: https://coincub.com/ranking/crypto-licences-report-2023/
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Coincub is an award-winning off-chain analysis platform for new and experienced bitcoin investors on a uniquely country-by-country basis.
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