Crypto.com Receives Regulatory Approval in France
- Crypto.com was registered as a Digital Asset Service Provider, which is mandatory for any company that provides crypto custody or trading services in France.
- In order to receive regulatory approval, Crypto.com was subject to rigorous review of its processes, particularly around AML and CFT.
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Cryptocurrency exchange Crypto.com can now operate as a Digital Asset Service Provider (DASP) in France after receiving the approval of local financial regulators, the company said in a press release on 28 September.
According to the announcement, the exchange was able to register as a DASP with the Autorité des marchés financiers (AMF) — France’s stock market regulator — after receiving clearance from the Autorité de Contrôle Prudentiel et de Résolution (ACPR). In order to obtain this status, the company had to undergo a “rigorous review” of its procedures, especially those focused on anti-money laundering (AML) and combating the financing of terrorism (CFT). The CEO of Crypto.com, Kris Marszalek, said in a statement:
“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.”
A regulatory approval in France is important to Crypto.com’s expansion into the European market, which it says is “central to the long-term growth and success” of the company. The country is also becoming a go-to location for crypto companies in the E.U., with Binance CEO Changpeng Zhao calling Paris “the financial hub for crypto in Europe”. Zhao’s crypto exchange was also able to register with the AMF — which is mandatory for all companies looking to provide crypto custody and trading services in France — earlier this year.
Similarly to other crypto exchanges, Crypto.com has pushed hard for regulatory approvals across the world in 2022. Earlier this year, the company was granted a provisional approval for a Virtual Asset License in Dubai and in-principle approval for a Major Payment Institution License in Singapore. Crypto.com has also secured an approval to operate in Italy, as well as a registration as a “cryptoasset business” in the United Kingdom.
- Germany’s largest bank will use Taurus’ custody and tokenization technology to manage the cryptocurrencies, tokenized assets, and digital assets of its clients.
- Deutsche Bank was one of a few companies to participate in Taurus’ $65 million Series B fundraising round back in February, which was led by Credit Suisse.
Deutsche Bank headquarters in Beijing, China on April 3, 2019. Shutterstock
- The updated KYC checks will be introduced on 15 July, after which new users will be required to complete the process in order to gain full access to the exchange’s services.
- Existing users who fail to complete the KYC checks will face limitations on the platform, such as being unable to deposit new funds and only having access to certain services.
- The new license allows Bybit to offer its full suite of crypto services to users from the third most populous island in the Mediterranean Sea.
- It not only helped the exchange expand its global presence, but also showed its commitment to compliance with local rules.