Crypto.com is now an authorized Digital Asset Service Provider (DASP) by the Autorité des Marchés Financiers (AMF) following approval from the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
Before receiving regulatory approval, the crypto exchange platform was subjected to a rigorous review, particularly in anti-money laundering and counter-terrorism financing.
With this registration, Crypto.com stated that it would provide customers in France with a suite of products and services that are compliant with local regulations.
Kris Marszalek, CEO of Crypto.com, stated that the European market is critical to his company’s long-term growth and success.
“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, ” he said.
The announcement comes after Crypto.com was approved by the UK’s Financial Conduct Authority, joining the ranks of Kraken, Gemini, and eToro.
France has been quite progressive in its approach to crypto regulation, becoming the first European country to grant regulatory approval to a cryptocurrency exchange, granting Binance a Digital Asset Service Provider (DASP) license in June 2022.
France’s action starkly contrasts the UK’s approach to regulating the Chinese-owned firm.
The United Kingdom’s Financial Conduct Authority deemed Binance “not capable of being effectively supervised” in June 2021, warning that its “complex and high-risk financial products” posed a “significant risk to consumers.”
Some members of the French government have been critical of the country’s relatively laissez-faire approach.
Aurore Lalucq, a French MEP and economist, slammed the move, calling it “incomprehensible,” adding that it gave Binance a “guarantee of respectability. ”
Luno, a competitor to Crypto.com, also received approval from French regulators in August 2022.
According to Chainalysis data, approximately $14 billion in illicit activities were carried out across the crypto space in 2021, which explains why certain parties may want stricter oversight when it comes to handing out regulatory approvals to crypto firms.
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