BCB Group gains foothold in France after abandoning Germany

abdelaziz Fathi

Payment processor BCB Group plans to expand in Europe after getting regulatory approval in France, according to a press release issued on Monday.

The firm, which bridges crypto firms with the banking system, has gained authorization from France’s main financial regulators, the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF). These approvals allow BCB to operate as an Electronic Money Institution (EMI) and a Digital Assets Services Provider (DASP).

The EMI license enables the company to issue, manage, and provide electronic money, in addition to offering payment services. The DASP license is crucial for providing digital asset services such as custody and cryptocurrency trading.

BCB’s EMI services are now available to clients, and the company is gearing up to launch its DASP services as soon as they receive final approval from the AMF. This regulatory achievement comes after Jerome Prigent was named managing director of BCB Europe last December to expand its footprint in the region.

Oliver Tonkin, CEO of BCB Group, highlighted the strategic choice of France for its clear regulatory framework and vibrant financial ecosystem.

“This is a game changer for BCB Group, allowing us to expand our footprint into the EEA for the first time since Brexit. We have been very impressed with our engagement with the French regulators, and we look forward to integrating ourselves into the burgeoning blockchain ecosystem in France,” he added.

This expansion comes after BCB withdrew from its planned acquisition of Germany’s Sutor Bank last June due to regulatory delays and changing market conditions. The move followed shortly after the departure of former CEO Oliver von Landsberg-Sadie and Deputy CEO Noah Sharp.

The move comes as France is becoming a go-to location in the European Union for crypto companies. BCB is the latest to join the list of crypto firms that have scored a major regulatory approval in France, and it follows the steps of Binance, Circle and Crypto.com, amongst others.

Nevertheless, France is now moving ahead with its plans to tighten regulation, supervision and oversight of cryptocurrency companies.

Read this next

blockdag

How to Make a Fortune with Crypto: $100 Investment Plan

Starting with just $100, anyone can tap into the thriving crypto market that’s bursting with potential.

Interviews

Exclusive: Autochartist CEO Ilan Azbel Delivers Insight on AI at iFX EXPO LATAM 2024

In an insightful interview with FinanceFeeds at iFX EXPO LATAM 2024, Ilan Azbel, CEO of Autochartist, discussed the evolution of trading technology, effective trader engagement strategies, the integration of AI in trading analytics, and the cautious approach of regulated brokers towards its adoption.

Market News

Weekly data: Oil and Gold: Price review for the week ahead.

This preview of weekly data looks at USOIL and XAUUSD where economic data coming up later this week are the main market drivers for the near short-term outlook.

Crypto Insider

Octa’s insights: the approval of spot Ethereum ETFs is not going as planned.

The approval of spot Bitcoin exchange-traded funds (ETF) by the U.S. Securities and Exchange Commission (SEC) in January 2024 triggered a substantial rise in the bitcoin price. Also, interest in the proposed spot Ethereum ETF has increased

Industry News

Bursa Malaysia introduces Trading Reminders

The Trading Reminder flag aims to alert investors to exercise caution when encountering a stock displaying persistent unusual price and/or volume movements after the listed company’s UMA response.

Industry News

21 Republican representatives want to “End the Fed”

“Americans are suffering under crippling inflation, and the Federal Reserve is to blame.”

Retail FX

Scope Markets launches unleveraged trading

“Whilst our traditional contract for difference (CFD) products continue to prove incredibly popular, the Invest account is unleveraged and only allows ‘long’ positions to be taken, a combination that significantly reduces the risk of capital losses.”

blockdag

Unlocking Profit Potential: Earn Returns with DecodeEX Experience Bonus!

DecodeEX, the innovative brokerage subsidiary of Decode Global, announced its experience bonus campaign, offering every user the opportunity to maximize their strategic trading potential with up to $10,000 in experience bonus. 

Market News

Pretiorates’ Thoughts 28 – Precious metals and base metals out of control

Ten days ago we mentioned in Pretiorates’ Thoughts 26: Chapter 2 should start with Precious Metals.

<