Bitvavo Cryptocurrency Exchange Expands into France Following AMF Registration
Summary:
Bitvavo, a Netherlands-based cryptocurrency exchange, has successfully registered as a digital asset service provider with France’s Autorité des Marchés Financiers (AMF), marking its latest expansion. This move follows Bitvavo's approved expansion into Austria and Italy, with hopes to enter more European markets in the future. The expansion into France coincides with growing interest in cryptocurrencies among French investors. Bitvavo CEO, Mark Nuvelstijn echoed the exchange's plan for cautious and calculated expansion into new markets, also anticipating the future cross-border business facilitation promised by EU's Markets in Crypto-Assets (MiCA) regulations set to apply from 2024 and onwards.
Bitvavo, a cryptocurrency exchange originating from the Netherlands, has successfully achieved registration as a digital asset service provider with the Autorité des Marchés Financiers (AMF) in France. This move comes not long after gaining the necessary regulatory approvals to operate in Austria and previously expanding to Italy in 2022. Bitvavo is also seeking to register in more key European markets. In a statement, CEO Mark Nuvelstijn expressed enthusiasm about offering their services tailored for consumers in the French market. Bitvavo's decision to enter France considers a recent AMF survey showing that cryptocurrencies (9%) are owned by a larger portion of French investors compared to traditional stocks (7%) and bonds (2%). The exchange currently has about 1.5 million customers in the Benelux region. Nuvelstijn stressed a strategy of slow and calculated penetration into new markets in a recent interview at the European Blockchain Convention in Barcelona. The CEO of Bitvavo also anticipates the introduction of the European Union's Markets in Crypto-Assets (MiCA) regulations set to be implemented from 2024. In his view, this development will lead to market maturation and the strengthening of business models. It also promises to expand the European market. He emphasized that ease in doing business across borders will be facilitated as the regulations will be more harmonized. In July 2023, Societe Generale became the first mainstream financial company in France to be licensed to offer cryptocurrency services. Similarly, Bitstamp received approval to provide its services in France in Feb. 2023. However, Binance's French division continues to function within the nation, despite a potential preliminary probe by local regulators over alleged shortcomings in KYC and anti-money laundering procedures.
Published At
11/24/2023 8:23:56 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.