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.