Tuesday, November 29, 2022

Crypto.com Scores Approval From France Regulators

Crypto.com has secured its spot in the French market after it secured approval from France’s regulators. 

According to the firm’s announcement, it has registered as a Digital Asset Service Provider (DASP). This was after it got approval from the Autorité de Contrôle Prudentiel et de Résolution (ACPR) after a rigorous process.

Interestingly, the process bordered on anti-money laundering and combating terrorism financing as per the announcement. With the approval, Crypto.com can now provide its suite of products and services to customers in France in compliance with local regulations.

Crypto.com now joins the likes of Binance and Luno who were recently approved to operate in France as the country is becoming a choice location for crypto firms in the European Union. Before securing France’s approval, the Singaporean firm had secured similar approval in the U.K and Italy.

According to Kris Marszalek, CEO of Crypto.com, the European market is key to the firm’s growth and success making the approval essential. 

Crypto.com enters key markets

With over 50 million users worldwide, the fastest-growing crypto exchange has continued to expand its ecosystem. The exchange continues to secure approval in key markets to offer its services.

After acquiring OK-BIT Co Ltd., Crypto.com got regulatory approval to do its business in South Korea. In July, the exchange got the approval from Cyprus Securities and Exchange Commission (CySEC) to provide its services to Cypriots.

With all of these approvals, it might be safe to say the exchange enjoys a smooth relationship with regulators. In addition to securing operational licenses in several jurisdictions, the exchange also used sport sponsorship deals to expand its ecosystem.

Crypto.com has been named the official exchange platform for the upcoming FIFA World Cup in Qatar. With this partnership, the Singaporean firm will enjoy global awareness as the Mundial billed for November commands a large following.

Also, Crypto.com entered a $700 million deal with Anschutz Entertainment Group (AEG) to secure naming rights to the Staples Arena. The iconic sports arena, home of Los Angeles teams will now be called Crypto.com Arena following the 20-year deal.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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