Crypto.com Secures Presence in France with New License

Crypto.com has become the latest cryptocurrency platform to gain approval in France. Announced on Wednesday, the platform has been registered as a Digital Asset Service Provider (DASP) in the country after receiving clearance by the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

“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,” said Kris Marszalek, the CEO of Crypto.com.

However, the exchange did not set any timeline for the launch of its services in France.

“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,” Marszalek said.

Binance and eToro were two popular trading platforms to receive permission from the French regulator for offering cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

Several cryptocurrency exchanges once expanded aggressively across borders without the need for a license. However, crackdowns and registration mandates by several regulators have forced these exchanges to seek approvals.

An Arsenal of Licenses

The latest license is one of the many regulatory approvals gained by Crypto.com over the recent months. Last month it obtained approval as a crypto asset business from the United Kingdom’s Financial Conduct Authority (FCA Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) and also in the Cayman Islands. Additionally, the exchange gained regulatory approval in Cyprus, in-principal permission in Singapore and a provisional license in Dubai.

It is further regulated in South Korea, Italy and Greece.

According to Crypto.com, it has more than 50 million global users. Moreover, it is one of the top exchanges in terms of volumes.

On top of that, Crypto.com is one of the biggest spenders in sports. It has reportedly spent $700 million to take over the naming rights of Los Angeles' Staples Center for 20 years. Furthermore, it has inked a 10-year deal with UFC for $7125 million and another five-year partnership with Formula 1, spending $100 million.