Image source: KrisMarszalek/GaryOr/Crypto.com
Crypto.com receives regulatory approval in France
Hot on the heels of its Financial Conduct Authority (FCA) approval in the UK, the crypto exchange has found another Europe country where it can operate legitimately.
Crypto.com has received full regulatory approval to operate in France.
The crypto exchange is now an approved Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) following clearance from the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
Crypto.com said it was subject to "rigorous review", particularly around anti-money laundering and combating the financing of terrorism, in order to receive regulatory approval.
With this registration, Crypto.com said it will bring a suite of products and services in compliance with local regulations to customers in France.
Kris Marszalek, CEO of Crypto.com said that the European market is "central" to the long term long-term growth and success of his firm.
He added: “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.”
France has previously been quite forward thinking when it comes to its approach to crypto regulation, the nation became the first country in Europe to give regulatory approval to a crypto exchange, granting Binance a granted Digital Asset Service Provider (DASP) registration in June 2022.
The move on France’s part contrasts heavily with the UK’s approach to regulating the Chinese-owned firm.
The UK’s Financial Conduct Authority said Binance was “not capable of being effectively supervised” and warned that its “complex and high-risk financial products” posed “a significant risk to consumers” in June 2021.
France's relatively laissez-faire approach hasn’t been a hit with everyone in its government.
French MEP and economist Aurore Lalucq criticised the move, saying it gave Binance a “guarantee of respectability”, saying that the move was "incomprehensible".
Crypto.com competitor Luno also won approval from the French regulators, in August 2022.
You can understand why certain parties might want stricter oversight when comes to handing out regulatory approvals to crypto firms, around $14bn of illicit activities were carried out across the crypto space in 2021 according to data from Chainalysis.