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Crypto asset trading platform Crypto.com has received the regulatory green light to operate as a Digital Asset Service Provider (DASP) in France.
The Singapore based exchange announced on Wednesday that it had successfully registered with France’s top markets regulator, the Autorité des Marchés Financiers (AMF).
To allow the service of buying, selling and trading of cryptocurrencies in the country, France requires a compulsory regulation with the AMF.
Crypto.com follows the likes of other crypto exchanges and platforms who have secured licenses in France. The world’s largest cryptocurrency exchange by volume, Binance, registered its entity in May this year .
In the announcement, the exchange commented on the strict requirements it was able to meet:
“Crypto.com was subject to rigorous review, particularly around anti-money laundering and combating the financing of terrorism, in order to receive regulatory approval.”
CEO of Crypto.com, Kris Marszalek, added:
“The European market is central to the long-term growth and success of Crypto.com and 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.”
While celebrating regulatory approvals in other jurisdictions around the globe this year, such as U.K., Italy, Singapore and Dubai, Crypto.com got big blow just before the start of the new season when it canceled a $495 million sponsorship deal with the Union of European Football Associations’ (UEFA) Champions League.
Nevertheless, Crypto.com can still expect a lot of traction towards the end of the year as the official sponsor of the FIFA World Cup 2022 held in Qatar.