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Crypto.com Lands Digital Asset Service Provider (DASP) License in France

Crypto.com Lands Digital Asset Service Provider (DASP) License in France

Crypto.com has gained several other regulatory permissions over recent months.

Written by Shomik Sen Bhattacharjee, Edited by Richa Sharma | Updated: 28 September 2022 19:48 IST

Crypto.com Lands Digital Asset Service Provider (DASP) License in France

Photo Credit: Facebook/ Crypto.com

Crypto.com has been trying to garner the approval of regulators across Europe

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Highlights

Crypto.com will greatly expand services in France following the move
The crypto platform recently landed regulatory approval from UK's FCA
As per MiCA, platforms need approval from any one national regulator

Crypto.com has been granted approval by the regulators in France to provide digital asset services in the country, the crypto exchange announced on Wednesday. The cryptocurrency platform reports that it went through rigorous review, particularly around the topics of anti-money laundering and combatting terrorism financing, before receiving regulatory approval. With the approval, Crypto.com said it would bring a suite of products and services in compliance with local regulations to customers in France. Notably, the move comes a month after Binance went through the same process in France, which continues to lead crypto regulation in Europe.

“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,” said Crypto.com CEO Kris Marszalek.

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"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."

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While Crypto.com has been accumulating regulatory approvals around the world over the course of the past year, the French registration is the latest in a string of those it has received in Europe.

Last month, Crypto.com officially registered with the UK's Financial Conduct Authority (FCA) as a crypto asset business. Marszalek had said that the UK represented a “strategically important market,” in light of the government's recent efforts to position itself as a global cryptocurrency hub.

Earlier, in July, the firm said that it had also received regulatory approval from the Italian financial regulator Organismo Agenti e Mediatori (OAM) to operate as a crypto provider.

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The Singapore-based crypto platform's strategy of collecting approvals throughout Europe is particularly interesting as according to the anticipated Markets in Crypto Assets (MiCA) regulation from the European Union, companies only need to become registered with one national authority in order to operate across the EU.

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