The Crypto.com platform formalized today the obtaining of its registration as a Service Provider on Digital Assets (PSAN) in France. This is an important additional step in the company’s compliance process.
Crypto.com is now regulated in France
Today, Crypto.com cryptocurrency platform announced that it has obtained registration as Digital Asset Service Provider (PSAN)the status necessary to operate in full compliance in France:
Hello France! 🇬🇧https://t.co/vCNztABJoG is incredibly happy to announce that we have received regulatory approval in France. 🙌
All the details 👇https://t.co/EB98kVZ3cD pic.twitter.com/NBKliMY6iJ
— Crypto.com (@cryptocom) September 28, 2022
After being blacklisted by the Autorité des Marchés Financiers (AMF) last year, this is a major turnaround for the company. Indeed, the latter then closer to the AMF and the Prudential Supervisory and Resolution Authority (ACPR) to regularize the situation.
It is now done, and Kris Marszalek, the CEO of Crypto.com, welcomed this agreement with regulatory authorities :
“The European market is central to Crypto.com’s growth and long-term success and we are extremely proud to now receive registration in France from the AMF. We look forward to continuing to work with the AMF and ACPR as we introduce our products and services in France, providing users with a complete, safe and secure cryptocurrency platform. »
👉 To go further – Discover the importance of the status of service provider on digital assets (PSAN)
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2022: a year under the sign of regulation
Although at the time of writing, the AMF had not yet updated its list of PSANsCrypto.com thus joins other famous foreign platforms such as Binance, Bitpanda or eToro.
The platform claims 50 million users and also announces that it is regulated, or in the process of being brought into compliance in the following regions:
- UK ;
- South Korea ;
- Italy ;
Regarding the status of PSAN, however, note that no company yet has the approval. On the other hand, if the crypto companies did not seem at first to be convinced by the need for registration, the trend is a priori reversing as the MiCA regulation approaches.
As more and more big players in the ecosystem conform to the French regime, this is gaining in importance. Thereby, it’s important to see these big players take an interest in itbecause their voices could play a significant role in future discussions on the legal frameworks of our ecosystem.
👉 Also in the news – MiCA: the bad surprises that could further hamper the European crypto ecosystem
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