Crypto.com, one of the world’s largest digital assets exchanges, has received regulatory approval to operate in France. The company announced on Wednesday that it had received approval from the country’s two most important financial regulators, the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR), to operate as a Digital Asset Service Provider (DASP). By obtaining this license, Crypto.com is able to offer its services in France, in compliance with applicable laws and regulations.
According to the company, the approval process was rigorous, including reviews of its anti-money laundering (AML) and countering-the-financing of terrorism (CFT) processes. It received approval after checking all the boxes. Despite the so-called “crypto winter,” the company’s expansion efforts have continued unabated. Crypto.com claims to have more than 50 million users, providing a solid base from which to further the company’s goal of making cryptocurrencies available to the public.
After a series of investor losses due to fraud and hacking, regulators have tightened the rules of engagement in the crypto market. Over the past two months, Crypto.com has received in-principle approval for a Major Payment Institution License by the Monetary Authority of Singapore and registered with the Hellenic Capital Market Commission in Greece.
Along with this, the Dubai Virtual Assets Regulatory Authority has conditionally approved Crypto.com’s Virtual Asset License. Among the more recent accreditations are those from the Electronic Financial Transaction Act and the Virtual Asset Service Provider in South Korea, as well as the Organismo Agenti e Mediatori in Italy (OAM).
Kris Marszalek, CEO of Crypto.com said:
“The European market is central to the long-term growth and success of Crypto.com and we are tremendously proud to now receive registration in France from the AMF. We look forward to continuing to work with the AMF and the ACPR as we introduce our products and services in France, offering users a comprehensive, safe and secure crypto platform.”
For crypto firms and their investors, regulatory approval is a win-win. Bear market investors already have a lot on their plate as it is, what with the market being in a prolonged downturn. Thus, French investors at Crypto.com may rest assured that their funds are being held on a reliable platform thanks to the company’s success in obtaining regulatory approval for its activities there.
This post was last modified on Sep 28, 2022, 11:52 BST 11:52