Young Platform gets nod to operate in France
Italian crypto exchange Young Platform, which simplifies access to the world of digital assets, has been granted approval from regulators to offer buying, selling, trading, and custody of digital assets in France.
The Turin-based crypto exchange and tuition service is now listed as a registered digital asset service provider by the Autorité des Marchés Financiers (AMF), following clearance from the country’s top regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
Launched four years ago, Young Platform provides as an entry-level trading package to allows novices to learn and practice everything about crypto within a regulated ecosystem.
With an initial deposit of as little as €20, customers can access 35 cryptocurrencies and intense educational materials that introduce key concepts and adapt to the user’s skill level.
Young Platform, which counts over 1 million users, is ranked among the top three cryptocurrency trading platforms in Italy with 36% market share.
“Beyond simple cryptocurrency conversion, Young Platform’s mission is to convert the complex technical concepts developed by a handful of talented developers into simple mechanics accessible to the greatest number of people. Indeed, we fully believe that the enabler of this market is not technological but educational. Our ecosystem of applications allows users to progress at their own pace to make informed investment decisions,” explains Ambroise Hélaine, Country Manager France at Young Platform.
“Young Platform’s expansion into Europe is an important step for business growth and represents a new opportunity for anyone interested in the crypto market to access Young Platform’s innovative solutions. We are excited about this important milestone and look forward to expanding and offering our services to an even wider audience,” added Andrea Ferrero, CEO at Young Platform.
The move comes as France is becoming a go-to location in the European Union for crypto companies. Young Platform 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 and Crypto.com. In recent months, brokerage firm eToro and Digital Currency Group’s Luno have also registered with France’s AMF.
These platforms went through rigorous review, particularly around the topics of anti-money laundering and combatting terrorism financing, before receiving regulatory approval.
Nevertheless, France is now moving ahead with its plans to tighten regulation, supervision and oversight of cryptocurrency companies.
A member of the Senate’s finance commission in France said the country needs to reconsider its easy licensing regime for digital asset providers. Hervé Maurey, who chairs the committee on regional planning and sustainable development, proposed an amendment to current legislation to eliminate a clause that enables crypto platforms to operate without a full regulatory licence until 2026.