Crypto.com Receives Regulatory Approval In France

Singapore-based digital assets platform Crypto.com announced on Wednesday it has received regulatory approval from France to offer a suite of products and services to its customers in accordance with the country’s laws.

The platform said it has been registered in France as a Digital Asset Service Provider (DASP) by the Autorité des Marchés Financiers (AMF) following clearance from the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

Over Six Government Approvals In 2022

The mobile-first digital asset exchange platform expanded throughout North America, Asia and Europe after securing more than six governmental approvals in 2022.

The company was also able to secure two regulatory licenses in Europe earlier this year, one each in Italy and Cyprus.

The platform's co-founder and CEO Kris Marszalek stated at the time the company was concentrating on growth in Europe.

Regulators in the U.K gave the digital asset platform the all-clear in August for "certain crypto activities."

The digital asset platform has received significant regulatory approvals outside of Europe in Dubai; Ontario, Canada; the Cayman Islands; Singapore and South Korea.

“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 Marszalek.

“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 added.

Approval Even After The F1 Sponsorship Issue

The French regulatory clearance followed the Formula 1 (F1) sponsorship fiasco, which happened a couple of months back.

Several F1 international racing teams deleted or concealed the branding and emblems of Crypto.com and other cryptocurrency-related sponsors earlier in July.

This was done given the ambiguity around local cryptocurrency legislation.

During the bull market, the Singapore-based digital asset platform concentrated mostly on sponsorship deals and acquisitions, and during the bear phase, the platform shifted its attention to the growth of services in new areas.

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Photo: AlexLMX via Shutterstock