Crypto.com gets regulatory approval in France

Crypto.com, a cryptocurrency platform, has been registered in France as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF).

 

The news comes after it received clearance from the Autorité de Contrôle Prudentiel et de Résolution (ACPR). Crypto.com was subject to rigorous review, particularly around anti-money laundering and combating the financing of terrorism, to receive regulatory approval. With this registration, the platform will bring a suite of products and services in compliance with local regulations to customers in France.

The registration is mandatory for all companies looking to provide digital asset custody and trading services, including buying or selling 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 the AMF and the ACPR as it introduces 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 obtain more than half a dozen regulatory approval in 2022, spreading across North America, Asia, and Europe.

Crypto.com’s expansion

France is just the latest market that the platform expanded to. Most recently, Crypto.com received the greenlight to operate in Canada. The platform already operated in Canada under the regulations of the Autorité des marches financiers (AMF) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), however it continued the process by signing a pre-registration undertaking 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 suite of products and services to customers in Cyprus in compliance with local regulations.

The crypto platform is focusing on the European market, as it also got regulatory approval in Italy in July. The Organismo Agenti e Mediatori (OAM) in 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 give regulatory approval to a crypto exchange and forced the country’s regulators to adopt a firmer stance on the matter.

More recently, however, in July 2022, the Autorité des Marchés Financiers (AMF) and the Autorité de Régulation Professionnelle de la Publicité (ARPP) have signed an amendment to their partnership agreement on communication in the financial services sector, extending it to include the new field of crypto-assets. The two authorities also started working together on the conduct of influencers in finance.