Cryptocurrency exchange Crypto.com has secured significant regulatory approval in France, marking its successful expansion into the European market. The support comes after the digital asset platform received clearance from the country’s financial regulator Autorité de Contrôle Prudentiel et de Résolution (ACPR).
With this approval, the Singapore-based digital asset exchange platform will be recognized by the French stock market regulator Autorité des Marchés Financiers (AMF) as a registered Digital Asset Service Provider (DASP). AMF recognition means Crypto.com can compliantly offer a range of products and services to its French customer base.
According to the report, Crypto.com looks to capitalize on this newly found approval to extend its reach for the European market. The support comes at the opportune time for the crypto trading platform, barely two months after July’s Formula 1 (F1) sponsorship debacle, where Crypto.com’s logos were concealed or removed during F1’s French Grand Prix. Reportedly, Alfa Romeo, AlphaTauri, and Alpine employees removed crypto-related branding.
The elimination of crypto-related branding happened in the wave of uncertainty around France’s advertising regulations. The move was shocking because, since July 2021, Crypto.com has maintained international collaborations with the racing series.
According to an F1 spokesperson for the Italian team Alpha Tauri, the action was taken to avoid any advertising on French soil because of their crypto regulation.
“The team complies with all French regulations concerning crypto partner advertising on the car. We have been advised that to display a cryptocurrency partner logo in France, the cryptocurrency brand must be registered at the AMF, which is not the case for two of our cryptocurrency partners.“
Crypto.com, therefore, joins the likes of Coinbase in entering the European market after the United State’s largest crypto exchange gained approval from the Italian AML regulator, Organismo Agenti e Mediator, in July to operate in Italy. Last week, the Dutch Central Bank (De Nederlandsche Bank — DNB) approved the San Francisco-based crypto firm to offer its crypto services and products to the Dutch market. The approval allowed the San Francisco-based crypto firm to operate as a Crypto Service Provider in the country.
Changing Course Amid A Bear Market
For a long time, Crypto.com concentrated on securing sponsorship deals and acquisitions by taking advantage of the bull market. However, with the ongoing crypto winter, the digital asset platform has changed course to pursue expansion targets and offer its products and services to other regions as the bear market continues.
Approval to operate in France adds to the list of endorsements the mobile-first digital asset exchange platform has acquired this year, providing operational clearance across North America, Asia, and now Europe. Crypto.com also boasts regulatory approvals in regions like South Korea, the Cayman Islands, Ontario, Canada, Singapore, and Dubai.
The first clearance stamp for Crypto.com to operate in Europe was in July 2022, featuring two regulatory approvals. According to Kris Marszalek, Crypto.com co-founder and CEO, these approvals revitalized their commitment to dominate the European market. Europe was followed by two other approvals for Cyprus and Italy, respectively.
Marszalek again pushed for more regulatory approval to further the platform’s expansion goal and scored significant regulatory approval in August from the U.K. regulators to conduct “certain cryptocurrency activities” legitimately.