Popular cryptocurrency exchange Crypto.com has announced plans to support its market operations in France with a €150 million investment.
Bonjour Paris 🇫🇷
— Crypto.com (@cryptocom) October 12, 2022
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
Through the investment, Crypto.com plans to build its regional European headquarters in Paris.
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The development comes after the exchange successfully secured regulatory approval to operate as a Digital Asset Service Provider (DASP) in the country. The license was issued by the Autorité des Marchés Financiers (AMF) following clearance with the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in September.
More Than Just Paris HQ
Beyond establishing a regional headquarters in Paris, the funding serves to reaffirm the company’s long-term commitment to France, and will enable the exchange to hire local talent capable of complementing the exchange’s mission within the region.
Crypto.com intends to enhance its compliance measures, business development, and product offerings. Furthermore the exchange will look to acquire additional support in relation to initiatives geared towards fostering brand presence, consumer activations, engagement, and education.
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Speaking on 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
It is particularly noteworthy that Crypto.com is looking to expand and grow its ecosystem despite the current market conditions, having recently acquired regulatory approval across numerous countries in Asia and beyond.
The exchange secured in-principle approval for a ‘Major Payment Institution License for Digital Payment Token Services’ from the Monetary Authority of Singapore, as well as receiving approval to run as a crypto asset provider from the UK’s Financial Conduct Authority (FCA) in August.
Crypto.com further obtained provisional approval for a ‘Virtual Asset License’ from the Dubai Virtual Assets Regulatory Authority, along with finalizing registration as a virtual asset service provider under the ‘Electronic Financial Transaction Act‘ in South Korea.
Most recently, the exchange secured 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 additional staff, 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. Enthusaists hope that the move will expose a wider range of people to crypto in Europe.
For more on crypto in France, check out:
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It hasn’t all been sunshine and roses for Crypto.com. Find out more:
