Singapore-based digital asset platform Crypto.com has secured a major regulatory approval in France. The Autorité des marchés financiers (AMF) has approved the registration of the digital asset platform as a digital asset service provider (DASP). The approval was granted after the platform received clearance from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the country’s financial regulator.
The regulatory approval will help the digital asset platform offer a set of products and services that comply with local regulations to clients in France. The platform hopes to take advantage of the latest approval to expand its services in Europe.
The “mobile-first” digital asset exchange platform has managed to obtain more than half a dozen regulatory approvals in 2022, spreading across North America, Asia and Europe.
At the beginning of July this year, Crypto.com managed to obtain two regulatory approvals in Europe, one in Cyprus and one in Italy. At the time, Kris Marszalek, co-founder and CEO of the platform, had mentioned that the firm was focused on expansion in Europe.
In August, the digital asset platform received a green light from UK regulators for “certain cryptocurrency-related activities.” In addition to Europe, the digital asset platform has also secured major regulatory approvals in Dubai, Ontario, Canada, the Cayman Islands, Singapore, and South Korea.
The regulatory approval in France is also special for the digital asset platform as it comes just a couple of months after the Formula 1 (F1) sponsorship fiasco.. Earlier in July, several international F1 teams removed or covered up cryptocurrency-related branding and sponsor logos, including Crypto.com. This was done in light of the uncertainty surrounding cryptocurrency regulations in the country.
The Singapore-based digital asset platform primarily focused on sponsorship deals and acquisitions through the bull market, the platform has turned to expanding services to new regions during the bear market.
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