Singapore-based digital asset exchange CryptoCom has received a license from the French regulatory authorities Autorité des marchés financiers (AMF) to operate in the country as a digital asset services provider (DASP).
The approval was granted after the exchange was cleared by the Autorité de Contrôle Prudentiel et de Résolution (ACPR). The ACPR is an independent administrative authority that exercises prudential supervision of regulated financial firms in France.
CryptoCom Passes Regulatory Scrutiny
According to the official announcement, the exchange was subjected to scrutiny relating to money laundering activities and combating financial terrorism before receiving the license to offer its products in compliance with local laws.
The move aligns with CryptoCom’s long-term mission of expanding its presence across the European market to strengthen its foothold in Europe.
“The European market is central to the long-term growth and success of Crypto.com, and we are tremendously proud to now receive registration in France from the AMF. We look forward to continuing to work with the AMF and the ACPR as we introduce our products and services in France, offering users a comprehensive, safe, and secure crypto platform,” said Kris Marszalek, CEO of CryptoCom.
The firm is the latest to join a growing list of crypto exchanges to operate in France after major rival Binance obtained approval to offer similar services to customers in the country.
CryptoCom Seeks Global Expansion
As part of its efforts to establish its reach across the global crypto market, CryptoCom has received a series of approvals from market watchdogs to offer its products worldwide.
In June, CryptoCom and two other exchanges received in-principle approval from the Monetary Authority of Singapore to offer Digital Payment Token (DPT) services to customers in the country.
Shortly after, the company bagged an operating license from the Italian financial regulator, Organismo Agenti e Mediatori (OAM), to service investors in Italy while complying with local market legislation.
The firm has also received authorization to operate as a crypto asset business in the United Kingdom through the country’s regulator, the Financial Conduct Authority (FCA).
Meanwhile, CryptoCom is not the only crypto exchange actively making efforts to strengthen its position across the global market. Major digital asset firms such as Binance, Coinbase, FTX, and Huobi have secured licenses to operate in different countries worldwide.
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