Crypto.com Wins Regulatory Approval From French Authorities

Major crypto exchange Crypto.com has been approved to operate as a Digital Asset Service Provider (DASP) in France.

According to an announcement Wednesday, the Autorité des marchés financiers (AMF) greenlit the exchange to operate as a DASP following the clearance by Autorité de Contrôle Prudentiel et de Résolution (ACPR), the authority regulating banks and insurance companies in France.

"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 Crypto.com CEO Kris Marszalek. "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."

Interestingly, in order to gain approval from AMF, the crypto exchange had to go through "rigorous review, particularly around anti-money laundering and combating the financing of terrorism." The exchange was given the green light to operate in France only after an in-depth review.

Additionally, rival crypto exchange Binance, which is also the world's biggest crypto exchange by trading volume, was also approved by French authorities in May, marking its first DASP license in Europe.

"The French DASP and AML/CFT regulations put in place stringent anti-money laundering and fit and proper requirements to meet the high standards necessary to be regulated in France," Binance CEO Changpeng Zhao said at that time.

Crypto.com has been expanding at a rapid pace in 2022, gaining regulatory approvals from various regulatory authorities around the globe.

The exchange has already received in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore, provisional approval of its Virtual Asset License from the Dubai Virtual Assets, and registration in Italy from the Organismo Agenti e Mediatori (OAM) as well. It was also approved by the Cyprus SEC as a crypto broker.