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French regulators have granted Crypto.com permission to provide digital asset services in the country, the crypto exchange announced on Wednesday. The move comes a month after Binance went through the same process in France, which continues to lead crypto regulation in Europe.
Crypto.com continues to grow aggressively despite market headwinds
Singapore-based crypto exchange Crypto.com has obtained permission to operate in France, the company announced in an official announcement. After gaining clearance from regulators, Crypto.com registered as a Digital Asset Service Provider (DASP), enabling it to provide a set of products and services in France in accordance with the country’s regulations.
“The European market is central to Crypto.com’s growth and long-term success and we are extremely proud to now receive registration in France from the AMF. We look forward to continuing to work with the AMF and ACPR as we introduce our products and services in France, providing users with a comprehensive, safe and secure crypto platform.
– Kris Marszalek, CEO of Crypto.com
Crypto.com has undergone strict scrutiny by French regulators to minimize the risks associated with money laundering and terrorist financing. The crypto space has been plagued by money laundering practices and hacks over the past two years, leading to the sanctioning of services like Tornado Cash.
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The approval marks another milestone for the expansion of Crypto.com, which remains one of the fastest growing crypto exchanges in the world. Last month, the company registered in the UK, shortly after securing its licenses in South Korea and Italy.
The company has made a foray into new markets amid tough times for the crypto space, which has lost billions of dollars in value due to runaway inflation and high interest rates. Such a difficult macro environment has kept investors away from cryptocurrencies, with Bitcoin and Ether losing 50% in the past 6 months.
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Binance considers France the most crypto-friendly country in Europe
Earlier this year, Binance was granted permission to operate in France, making it the first European country to register a major crypto exchange. This marked a historic moment for France, which was described by Binance CEO Changpeng Zhao as a very progressive country in terms of crypto regulations.
This made France very attractive to invest in, added Zhao, who gave hints at a crypto industry event to launch a new accelerator program for “Web3” start-ups, with 100 million euros of capital commitments.
Zhao said France was an obvious choice to locate Binance’s European headquarters, as other countries in the region weren’t as crypto-friendly. Still, the world’s largest crypto exchange wants to expand into other European countries, including Sweden, Switzerland, Spain, the Netherlands, and Portugal.
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Crypto.com Wins Regulatory Wink To Offer Services In France
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