Crypto.com receives regulatory approval in France
Crypto.com, a cryptocurrency platform, is registered in France as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF).
The news comes after it received approval from the Autorité de Contrôle Prudentiel et de Résolution (ACPR). Crypto.com was subject to extensive review, particularly around anti-money laundering and combating the financing of terrorism, in order to gain regulatory approval. With this registration, the platform will bring a range of products and services in compliance with local regulations to customers in France.
Registration is mandatory for all companies that wish to offer digital asset custody and trading services, including the purchase or sale of digital assets in legal tender in the country.
As company representatives say, the European market is central to the long-term growth and success of Crypto.com. The platform will continue to work with AMF and ACPR when introducing new products and services in France. Crypto.com continues to grow its ecosystem, with 50 million users worldwide.
The digital asset exchange platform managed to achieve more than half a dozen regulatory approvals in 2022, spread across North America, Asia and Europe.
Crypto.com’s extension
France is just the latest market to which the platform has expanded. Most recently, Crypto.com was given the green light to operate in Canada. The platform was already operating in Canada under the regulations of the Autorité des marches financiers (AMF) and the Financial Transactions and Reports Analysis Center of Canada (FINTRAC), but it continued the process by signing a pre-registration commitment with the Ontario Securities Commission (OSC).
Previously, the app entered the Cypriot market, receiving regulatory approval from the Cyprus Securities and Exchange Commission (CySEC). This approval allows Crypto.com to offer a variety of products and services to customers in Cyprus in accordance with local regulations.
The crypto platform focuses on the European market, as it also received regulatory approval in Italy in July. The Organismo Agenti e Mediatori (OAM) of Italy approved it as a provider of virtual currency and digital wallet services.
French crypto market
Crypto regulation in France took a step forward in early May 2022 when crypto player Binance was granted Digital Asset Service Provider (DASP) registration, allowing it to operate its cryptocurrency exchange in France. This established France as the first major European country to grant regulatory approval to a crypto exchange and forced the country’s regulators to take a firmer stance on the matter.
However, recently, in July 2022, the Autorité des Marchés Financiers (AMF) and the Autorité de Régulation Professionnelle de la Publicité (ARPP) signed an amendment to their partnership agreement on communication in the financial sector, expanding it to include the new field of crypto-assets. The two authorities also began working together on the behavior of influencers in finance.
