Leading crypto exchange, Crypto.com, has secured a regulatory approval to operate in France. The exchange announced the development in its Wednesday Twitter post. According to crypto.com, the approval given by the Autorité des marchés financiers (AMF) allows it to run as a Digital Asset Service Provider (DASP) in the country.
Notably, Crypto.com said it secured the permit after being cleared by the Autorité de Contrôle Prudentiel et de Résolution (ACPR). As reported, the exchange became subjected to stern review, “particularly around anti-money laundering and combating the financing of terrorism, in order to receive regulatory approval.”
By virtue of this approval, Crypto.com intends to avail a varieties of virtual products and services in France. This, according to the exchange, will be done in compliance with local regulations to customers in the country.
Kris Marszalek, CEO of Crypto.com lauded the development. Marszalek sees the european market as integral to “the long-term growth and success of Crypto.com.” The CEO expressed the tremendous excitement of his team to expand the coast of the exchange to France. Additionally, Kris Marszalek said the exchange looks 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.”
Crypto.com extending its coast despite market conditions
Despite the prevailing market conditions, Crypto.com has continued to invest in its expansion. As of today, it has earned the permits of numerous countries in Europe and Asia. Recently, it secured a regulatory approval to operate in Italy. More so, it received an in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore.
Similarly, the exchange acquired a registration approval as a crypto asset business from the UK Financial Conduct Authority (FCA). Afterward, Crypto.com acquired another provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority. Also, it completed the electronic financial transaction act and virtual asset service provider registration in South Korea a few weeks ago. More so, Crypto.com had already earned a regulatory approval in Greece from the Hellenic Capital Market Commission.
Amidst its ongoing expansion, Crypto.com pulled out of its collaboration with the Union of European Football Associations (UEFA). The terminated deal, as reported, amounted to about half a billion dollars. Notably, the termination of the deal ensued following the concerns about exchange’s regulatory standings in several countries. However, the exchange still maintains its collaboration with FIFA to sponsor the imminent world cup in Qatar.
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