Crypto.com will be offering services to retail traders in France. While it is interesting that the country decided to embrace crypto assets as part of its financial ecosystem, the fact that AMF is issuing more licenses is a very important development for the whole industry with many more big players eager to enter the French market.
The Autorite des Marches Financiers or AMF issued a new license for Crypto.com which will now enter the ranks of Digital Asset Service Providers (DASPs) working within the nation’s financial ecosystem. The official statement of the authority focused on the vigorous nature of the vetting process during which the CEX platform was heavily scrutinized to ensure that it will follow strict AML standards and won’t allow financing of terrorism.
Regulation leads to deanonymization
One of the things that make cryptocurrencies so adored by enthusiasts is that it is an anonymous medium. Ledgers keep information about movements of assets, but you can avoid being identified if you wanted to by using a variety of different ways to launder money. While it is something that many countries vet as unlawful, it is certainly something that many users value.
AML guidelines force crypto exchange operators to verify the identities of their users and report any suspicious activities to authorities or give up the personal information of users under court orders. While it is fair and should add more safety to users, some people believe that crypto exchanges should not give in to pressures from regulators.
Crypto.com is a company that does not want to play games with the crypto community and wants to continue providing valuable services to its international clientele. We believe that this is a good approach. Whether you like using DeFi platforms and tokens or not, it is a good thing that more companies from the cryptocurrency industry are entering regulated markets to offer services with standard safety measures that protect investors.
France is moving forward to embrace crypto
The rivalry between the UK and France has been brewing for centuries. The UK recently announced its plans to create a framework to allow the integration of digital assets in its economy and monetary system. France seems to be moving in the same direction.
