Crypto.com secures approval to launch its services in France
Crypto.com has registered its cryptocurrency services with the dual regulatory structure in France, which includes the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
The new license allows Crypto.com to offer regulated services under legislation governing operations of digital asset service providers (DASPs), namely France’s PACTE law, one of the first crypto legislative packages passed in Europe.
Crypto.com secured a digital asset service provider registration, which enables its European business to offer trading and custody services for cryptocurrencies on its platform. The registration also allows the broker to boost its operational plans across the European continent and provide regulatory protection for users with regards to AML/CFT and customer identification requirements.
Crypto.com was subject to rigorous review, particularly around anti-money laundering and combating the financing of terrorism, in order to receive regulatory approval. With this registration, Crypto.com will bring a suite of products and services in compliance with local regulations to customers in France.
“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,” said Kris Marszalek, CEO of Crypto.com.
Crypto.com, which claims 50 million users worldwide, regularly ranks in the top five global exchanges by spot volume and says its matching engine supports 2.7 million transactions per second with 50 microsecond core latency.
France’s Pacte Law encompasses a very broad range of measures covering many aspects of all crypto-active players. The current laws require cryptocurrency exchanges as well as custodian providers to undergo a mandatory AMF registration and obtain a certification to be granted by the French watchdog. France’s primary regulator confirmed that it is already involved with other crypto-related operators such as exchange platforms, custodians, and asset managers.
Previously, France introduced its own guidelines governing the ICOs and similar token sales earlier in 2018 and then proposed legislative amendments to put cryptocurrency-related entities under the legislative purview of its financial watchdog.
Furthermore, the framework comes with hefty fines for those who fail to comply, but will not reimburse investors for their losses as it happens with compensation funds that cover traditional investments.