Source: AdobeStock / MarinadeArt
Dutch-based cryptocurrency exchange Bitvavo has received regulatory green light in France to act as a digital asset service provider.
In a Nov 23 press release, the company disclosed the milestone and reiterated its wider expansion plans with hopes of becoming the largest crypto exchange in Europe.
We have received registration approval from the French Autorité des marchés financiers (AMF) as a Digital Asset Service Provider
This registration aligns with our goal to be Europe’s top crypto exchange, enabling us to support French customers in their crypto journey. pic.twitter.com/yDcpqoguKf
— Bitvavo (@bitvavocom) November 23, 2023
Receiving the much-desired regulatory nod from the French regulator Autorité des marchés financiers (AMF) allows the firm to launch its products and services in the local market.
France remains a regional hub for most firms seeking to expand their reach in Europe as its regulators have stressed the need to protect and function around a framework that protects all parties.
Notably, the passage of the Markets in Crypto Assets (MiCA) regulation has made Europe attractive to global investors making the licensing regime easier and protecting stakeholders.
Mark Nuvelstigen the CEO of Bitvavo believes Europe can change the game for crypto worldwide with its single-country cryptocurrency licensing regime where one permit is enough to operate in the entire region.
Nuvelstign described the French market as a great opportunity for the company with new studies revealing a surge in the number of its citizens being exposed to digital assets. The statement cited a recent survey where French citizens own 9% of crypto in their investment portfolio making it the second most popular asset class in the country.
“Securing registration with the French AMF marks a pivotal moment for us. We are excited about bringing our consumer-focused offering to the French market.”
Bitvavo’s expansion agenda
The company plans to roll out multiple products and services across the continent as it prepares to become the largest digital asset exchange in the continent.
According to its Chief Executive, the exchange’s 1.5 million users will get a boost in confidence to trust the expansion plan as they continue their crypto journey.
“The launch in France is part of our ambition to become the leading crypto exchange in Europe. Our nearly 1.5 million European users value us as their go-to trusted and secure platform for crypto trading and investing. French customers can now start their crypto journey with us.”
This new milestone comes after the company secured regulatory approval in Austria after filing applications for major regional markets. The company stressed regulatory compliance describing its operations as fully compliant with transparent transaction fees and licensing.
Binance’s settlement with the Department of Justice (DOJ) has raised concerns among stakeholders on registration to avoid any lawsuits from regulators in the future.
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