Crypto.com Secures Presence in France with New License

Crypto.com Secures Presence in France with New License

<p>Crypto.com has become the latest cryptocurrency platform to gain <a href=”https://www.financemagnates.com/cryptocurrency/the-french-binance-license-is-paris-planning-to-become-europes-crypto-hub/” target=”_blank”>approval in France</a>. 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).</p><p>“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 <a href=”https://www.financemagnates.com/tag/crypto-com/” target=”_blank”>Crypto.com</a>.</p><p>However, the exchange did not set any timeline for the launch of its services in France.</p><p>“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.</p><p><a href=”https://www.financemagnates.com/cryptocurrency/regulation/binance-gets-green-light-from-french-regulators/” target=”_blank”>Binance</a> and <a href=”https://www.financemagnates.com/forex/etoro-opens-up-french-users-to-crypto-assets-with-dasp-registration/” target=”_blank”>eToro</a> were two popular trading platforms to receive permission from the French regulator for offering <a href=”https://www.financemagnates.com/terms/c/cryptocurrencies/” target=”_blank” id=”b091101e-6e02-4b36-aa0e-7c972dfdd6ed_1″ class=”terms__main-term”>cryptocurrencies</a>.</p><p>Several cryptocurrency exchanges once expanded aggressively across borders without the need for a license. However, <a href=”https://www.financemagnates.com/cryptocurrency/news/france-launches-crackdown-on-cryptocurrencies/” target=”_blank”>crackdowns</a> and registration mandates by several regulators have forced these exchanges to seek approvals.</p><p>An Arsenal of Licenses</p><p>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 <a href=”https://www.financemagnates.com/cryptocurrency/news/cryptocom-secures-regulatory-approval-from-fca/” target=”_blank”>crypto asset business</a> from the United Kingdom’s <a href=”https://www.financemagnates.com/terms/f/financial-conduct-authority-fca/” target=”_blank” id=”4c85a54d-15e0-4e44-a214-8c55f71cb286_1″ class=”terms__secondary-term”>Financial Conduct Authority (FCA</a>) and also in the <a href=”https://www.financemagnates.com/cryptocurrency/cryptocom-continues-global-expansion-gets-approval-in-cayman-islands/” target=”_blank”>Cayman Islands</a>. Additionally, the exchange gained regulatory approval in <a href=”https://www.financemagnates.com/cryptocurrency/regulation/cryptocom-obtains-regulatory-approval-from-the-cysec/” target=”_blank”>Cyprus</a>, in-principal permission in <a href=”https://www.financemagnates.com/cryptocurrency/news/cryptocom-gets-in-principle-approval-from-singapores-mas/” target=”_blank”>Singapore</a> and a provisional license in Dubai.</p><p>It is further regulated in South Korea, Italy and Greece.</p><p>According to Crypto.com, it has more than 50 million global users. Moreover, it is one of the top exchanges in terms of volumes.</p><p>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.</p>

This article was written by Arnab Shome at www.financemagnates.com.

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