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Trading Platform Crypto.com Secures Regulatory Approval to Operate in France

Singapore-based digital asset trading platform Crypto.com has been approved to operate as a Digital Asset Service Provider (DASP) in France, the company announced on Wednesday.

  • The trading platform has registered with France's top markets regulator, the Autorité des Marchés Financiers (AMF), according to the announcement.

  • The registration is mandatory for all companies looking to provide digital asset custody and trading services, including "buying or selling digital assets in legal tender" in the country.

  • "Crypto.com was subject to rigorous review, particularly around anti-money laundering and combating the financing of terrorism, in order to receive regulatory approval," the announcement said. The exchange has recently secured in-principle approvals in Singapore and Dubai, as well as registration approvals in the U.K., Italy and South Korea.

  • France is becoming a go-to location in the European Union for crypto companies. In early September, Binance CEO Changpeng Zhao called Paris "the financial hub for crypto in Europe."

  • In recent months, cryptocurrency exchanges Binance and Luno have also registered with France's AMF. Luno's parent company, Digital Currency Group, is also the parent of CoinDesk.

  • Crypto.com's financial health came under scrutiny earlier this month after it backed out of a five-year sponsorship deal worth $495 million with the Union of European Football Associations' (UEFA) Champions League.

  • CoinDesk has reached out to the AMF for comment.

Read More: Crypto.com and FTX Bet Big on Stadium Naming Rights Before the Crypto Crash. What Happens if They Can’t Afford to Pay?