Singapore-based digital asset platform Crypto.com scored a major regulatory approval in France. The digital asset platform was approved to register as a Digital Asset Service Provider (DASP) by the stock market regulator Autorité des Marchés Financiers (AMF). The approval was granted after the platform received clearance from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the financial regulator in the country.
The regulatory approval will help the digital asset platform offer a suite of products and services in compliance with local regulations to customers in France. The platform hopes to bank on the latest approval for expanding its services in Europe.
The mobile-first digital asset exchange platform has managed to obtain more than half a dozen regulatory approval in 2022, spreading across North America, Asia and Europe.
Earlier in July 2022, Crypto.com managed to gain two regulatory approvals in Europe, one in Cyprus and another in Italy. At that time, Kris Marszalek, the co-founder and CEO of the platform, mentioned that the firm was focused on expansion in Europe.
In August, the digital asset platform received the green light from United Kingdom regulators for “certain crypto activities.” Apart from Europe, the digital asset platform has also scored major regulatory approvals in Dubai, Ontario Canada, Cayman Islands, Singapore and South Korea.
The regulatory approval in France is also special for the digital asset platform as it comes just within a couple of months of the Formula 1 (F1) sponsorship fiasco. Earlier in July, several F1 international racing teams removed or covered up the branding and logos of crypto-related sponsors including Crypto.com. This was done in light of the uncertainty around crypto regulations in the country.
The Singapore-based digital asset platform focused primarily on sponsorship deals and acquisitions through the bull market, the platform has turned to the expansion of services to new regions during the bear market.