AXA Investment Complies with French Crypto Registration Requirement
A French AMF regulatory watchdog report dated March 7 revealed that the international insurance and reinsurance company AXA Investment had completed the crypto service operator registration process. Following the French regulators’ healthy appetite to regulate the crypto industry, the AXA team took tentative steps to comply.
In February, the legislators urged crypto firms in France to register with the Financial Market Authority (AMF) department. On March 7, the head of the investment unit at AXA submitted the registration document to the regulators to comply with the new crypto provision.
Tougher Crypto Regulation in France
The AXA significant step mirrors the compliance efforts of the leading crypto exchange Binance, Bitstamp and other French-based financial institutions. Initially, the regulators had notified crypto operators in France to comply with the AMF regulations.
The amendments obliged the regulators to assess the company’s financial position and business conduct before approving the business license submission.
Also, the proposed crypto laws subject the non-compliant crypto to the legal process that will lead to disruption of service delivery.
Besides the AMF crypto regulation, the legislators under the European Union plan to rein in the crypto spaces. The EU team have formulated the Market in Crypto Assets Regulation (MiCA) requirements to be implemented in January 2024.
The MiCA article 68 will safeguard investors and consumers from unethical crypto trading activities.
AXA Investment Improve its Compliance Unit
Beyond this, AXA remarked that complying with the AMF requirement will allow the investment company to utilize blockchain technology to improve the performance of the capital markets. The AXA team plans to tokenize and digitize the French financial securities and expedite the development of the country’s central bank digital currency (CBDC).
The French-based investment company disclosed that AXA is yet to launch investment strategies to support the growth of the crypto world.
Reportedly, AXA submitted its crypto service provider registration document alongside other Fintech companies, including Ouro Capital and Optimisation Technologies.
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