on the crypto
Done! Crypto.com has just received authorization to operate in France, having received those from Italy and the United Kingdom a few weeks earlier. Thanks to PSAN (Service Provider on Digital Assets), the cryptocurrency exchange platform based in Singapore, it has just conquered the last European country unwilling to install it.
What is PSAN?
Created in 2019, the PSAN (Prestataire de Services sur Actifs Numériques) aims to give cryptocurrency exchange platforms the right to operate on French territory. This then gives cryptocurrency companies a status to regulate this young and growing market.
This Holy Grail for crypto companies can be obtained from the AMF (Autorité des Marchés Financiers). Therefore, the first PSAN for the Coinhouse platform was issued in March 2020. Today there are more than twenty licenses of this type in France.
The objective of this authorization is the fight against money laundering and the financing of terrorism. In fact, due to their young age and ease of use, cryptocurrencies are often used to finance illegal activities. By releasing this PSAN to the platforms, France makes sure that they fight against any criminal activity.
PSAN granted to Crypto.com
The authorization follows an extensive review by the French Prudential Supervisory and Resolution Authority (ACPR). The cryptocurrency platform is now recognized as a “Digital Asset Service Provider” (DASP) in France. This means that Crypto.com now has the right to provide digital asset services to French residents.
Following this rigorous verification, especially in terms of money laundering and terrorist financing, Crypto.com is now able to provide products and services in accordance with French law.
The authorization is great news, as France is a large market. In fact, 1 in 12 French people own a cryptocurrency wallet. This corresponds to 8% of the total population of France. Furthermore, these figures are constantly increasing and correspond to a young audience. By comparison, according to the MFA, only 6,7% of French people own shares on the stock exchange.
Crypto.com has also obtained the French operating license. This means that the platform will be able to advertise and launch sponsorship campaigns also on French territory.
Crypto.com, an extraordinary expansion
The exchange platform did not hide its joy on the Twitter social network where it announced: “We are incredibly excited to announce that we now have legal authorization in France”.
Singapore platform CEO Kris Marszalek said, “The European market is critical to Crypto.com's long-term growth and success and we are extremely proud to have received MFA approval in France. His enthusiasm is understandable, given that France was the last European country that did not give its approval to Crypto.com.
Last August, the platform obtained clearance from the UK's Financial Conduct Authority (FCA) as a cryptocurrency company. Marszalek said the UK is a "very important strategic market".
Earlier, in July, Crypto.com said it received approval from the Agents and Brokers Body (OAM) to operate as a cryptocurrency provider.
In addition to obtaining more and more authorizations to open stores around the world, the company has obtained extraordinary sponsorships. Indeed, the site has managed to become the official sponsor of the World Cup in Qatar. The event, which kicks off on November 20, is followed by over 3 billion people around the world. A big publicity shot for Crypto.com! The Women's World Cup will start in 2023.
