Popular cryptocurrency exchange, Crypto.com, has announced plans to support its market operations in France through a €150 million investment.
Bonjour Paris We’re excited to deepen our commitment and presence in France, by making Paris our new European regional HQ Full details:https://t.co/nBoixpyMHi pic.twitter.com/EhkbKYUOZQ— Crypto.com (@cryptocom) October 12, 2022
Notably, this development comes after the exchange successfully secured regulatory approval to run as a Digital Asset Service Provider (DASP) in the country. The approval was issued by the Autorité des marchés financiers (AMF) following a clearance with the Autorité de Contrôle Prudentiel et de Résolution (ACPR) last September.
More Than Just Paris HQ
Beyond establishing its regional headquarters in Paris, Crypto.com’s investment will help aid its long-term commitment to France. It will enable the exchange to hire local talent capable of complementing the exchange’s mission within the region.
More so, Crypto.com aims to explore the investment in enhancing its compliance, business development, and product. With the funds, the exchange also looks to avail additional support to all initiatives geared towards fostering its in-market brand presence, consumer activations, engagement, and education.
Reacting to the development, Eric Anziani, COO of Crypto.com, said:
"We are incredibly excited to cement our commitment to France and Europe through the establishment of our regional headquarters in Paris. Our regulatory approval was the first important step in our journey in France, and we look forward to continuing to engage with stakeholders across sectors to help facilitate the new digital economy in France and providing customers a best-in-class crypto experience.”
Crypto.com Expanding Operations Globally
Crypto.com is looking forward to expanding and growing its ecosystem despite the current market conditions. In recent times, Crypto.com won numerous regulatory approvals across Asian countries and beyond.
Recall that the exchange has already secured an in-principle approval for a Major Payment Institution License for Digital Payment Token Services from the Monetary Authority of Singapore. It also earned approval to run as a crypto asset provider from the UK Financial Conduct Authority (FCA) in August.
Further, crypto.com obtained provisional approval for its virtual asset license from the Dubai Virtual Assets Regulatory Authority, Electronic Financial Transaction Act, and virtual asset service provider registration in South Korea.
Later, the exchange secured registration approval to run as a digital currency exchange provider and independent remittance dealer in Australia.
On the Flipside
- Despite its expansion and promises to hire more people, Crypto.com has laid off several employees so far this year.
Why You Should Care
Crypto.com states that its investment in the French capital will anchor the company’s commitment to the country for the long term. Hopefully, this will expose more people to crypto in Europe.
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