Crypto.com gets go-ahead in France

Crypto.com has received approval to operate in France, extending its reach in Europe.

Digital asset trading platform Crypto.com has received the regulatory go-ahead to launch in France.

The company obtained a permit to act as a Digital Asset Service Provider (DASP) on Wednesday. The license was issued by the local regulator, Autorité des Marchés Financiers.

All companies that wish to operate and offer cryptocurrency products in France need to undergo this registration process.

Crypto.com will be able to offer digital asset custody and trading services, which extend to buying and selling of digital assets in legal tender.

Crypto.com had to withstand a serious regulatory background check, specifically to do with the company’s anti-money laundering practices and counter-terrorism funding.

However, approvals in other jurisdictions, including Dubai and Singapore, and the UK, Italy, and South Korea, have all helped make the company’s case in France.

Cryptocurrency companies have been gravitating towards France and Paris in particular.

Binance CEO Changpeng Zhao called the capital the “financial hub for crypto in Europe”, and more companies have been trying to obtain the coveted DASP license.

Crypto.com gave some reasons to worry. The company decided to pull out of a nearly $500m deal with the Union of European Football Associations (UEFA) Champions League which had critics worried whether the company was experiencing liquidity issues.

However, Crypto.com had decided to pull out of the deal to ensure that it can focus on pooling its resources on anything that brings it direct operational value as opposed to marketing exposure.

Looking for your next crypto casino? Check out: Bitcasino, 1xBit or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

Similar News

Kraken fires 30% of workforce

01/12/2022|16:30

Cryptocurrency exchange Kraken is letting go of 1,100 of its employees, accounting for 30% of its workforce, due to the...

Copa del Rey NFT collection to be launched by...

01/12/2022|15:30

A NFT collection focusing on the Copa del Rey is going to be launched after a partnership was agreed between...