Trakx launches digital asset trading platform in France
Crypto Traded Indices (CTIs) enhance portfolio diversification and reduce the complexity and fees associated with the setting and reach of positions on many digital and cryptocurrency assets.
Trakx.io has been granted a Digital Asset Service Provider (DASP) license in France as it launches its platform for institutional clients and qualified retail investors.
Since January 2021 that France’s financial watchdog, Autorité des Marchés Financiers, requires any company offering digital assets services to hold the respective license.
Trakx now holds four licenses in France in order to operate a trading platform for crypto traded indices, to offer custody services to its clients, exchanging digital assets to traditional and digital currencies.
Lionel Rebibo, CEO and founder of Trakx, said: “Although digital assets are a relatively new asset class, the industry is moving toward passive portfolio management products. The French VASP registrations granted by the AMF represent a significant step forward in our effort to deliver a compliant solution where investors can trade digital assets with confidence and trust.
“We strongly believe this recognition is the first of many, as we are looking forward to be fully compliant in all the jurisdictions we will penetrate”.
Trakx offers crypto investment strategies for institutional investors and professional traders. This is achieved by providing digital asset index products on a platform with the compliance, custody and liquidity required by these investors.
Digital asset index products are tradable via website, WebSocket and REST API, with matching engine, access to high liquidity, and security.
Trakx aims to exceed the market standards by assembling a sophisticated platform to exchange a diverse selection of Crypto Traded Indices (CTIs) as digital assets provide alternative solutions to portfolio investing.
CTIs enhance portfolio diversification and also significantly reduce the complexity and fees associated with the setting and reach of positions on many digital and cryptocurrency assets.
The digital asset trading platform ensures the highest level of compliance, secured custody, and deep liquidity as required by the largest investors.
The DASP license is mandatory for four services in France: digital asset custody; buying or selling digital assets in a currency that is legal tender; exchanging digital assets for other digital assets; and operating as a trading platform for digital assets.
For the first two services listed above, the AMF, in conjunction with the Autorité de Contrôle Prudentiel et de Résolution (ACPR), checks that firms comply with the regulations on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).
In all cases, the AMF checks the good repute and competence of the managers and beneficial owners of your organisation and seeks clearance from the ACPR.
DASPs must fulfill all obligations regarding anti-money laundering, combating the financing of terrorism, and asset freezing (AML/CFT). This obligation applies to DASPs established in France but also outside France.