Singapore-based digital asset exchange CryptoCom has received a license from French regulatory authorities Autorité des marchés financiers (AMF) to operate in the country as a digital asset service provider (DASP).
The approval was granted following the authorization of the exchange by the Autorité de Contrôle Prudentiel et de Résolution (ACPR). The ACPR is an independent administrative authority that exercises prudential supervision of regulated financial companies in France.
CryptoCom Surpasses Regulatory Scrutiny
According to the official announcementthe exchange was subjected to controls related to money laundering activities and the fight against financial terrorism before receiving the license to offer its products in accordance with local laws.
The move aligns with CryptoCom’s long-term mission to expand its presence in the European market to strengthen its presence in Europe.
“The European market is critical to the long-term growth and success of Crypto.com, and we are very proud to now receive register in France from the AMF. We look forward to continuing to work with the AMF and ACPR as we introduce our products and services to France, offering users a complete, safe and secure crypto platform.” said Kris Marszalek, CEO of CryptoCom.
The company is the latest to join a growing list of crypto exchanges to operate in France after main rival Binance won 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 number 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 packaged an operating license from the Italian financial regulator, Organismo Agenti e Mediatori (OAM), to serve investors in Italy while complying with local market legislation.
The company has also received authorization to operate as a crypto asset business in the UK 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 in the global market. Major digital asset companies such as Binance, CoinbaseFTX i Huobi they have secured licenses to operate in different countries around the world.
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