Digital assets have witnessed sporadic rise across the years since the first-ever cryptocurrency, Bitcoin, was launched in 2009. This one move has seen so many people flock into the crypto sector while pitching their tent with their respective crypto exchanges.
With the success that exchanges have enjoyed in return, they have always made moves to expand their base of operation and be available for their clients globally. In that same vein, Bitpanda, a digital asset exchange platform based in Austria, has announced that it has been granted a license of operation across France. Notably, the crypto exchange recently completed its series A funding round, which closed at $52 million.
Crypto exchange will begin to follow the PACTE law
The announcement released by the crypto exchange said that the recently granted license from Authorité des marchés financiers would allow the platform to operate under the strict guidance of french digital laws. To operate across the country, the crypto exchange will have to follow laws that guide digital assets service providers, known as the PACTE law in France.
The law is regarded as the first-ever digital asset law that was passed across the European region. Bitpanda was founded in 2014, and the digital broker boasts of a wide range of services with the platform supporting close to 30 digital assets. Boasting nothing less than 1.2 million users worldwide, Bitpanda wants to expand its services and provide real-world assets across Europe. Having the expansion in mind, Bitpanda has expanded its base of operation across Turkey, Spain, and now France.
This latest license is coming off the back of Paris’s recent move to monitor crypto investors and businesses around the region strictly. Paris has also announced that users who wish to trade crypto across the city would have to undergo some stringent KYC.
France wants to reduce illegalities carried out with crypto
France’s capital has opposed the anonymity that trading crypto offers and wants to eliminate the potential of people trading anonymously by making the KYC registration compulsory. France is presently in the lead when it comes to a country that has spelled out how they feel about digital assets because of the various laws that the government has created to check the sector’s activities.
With Bitpanda hoping to provide services like selling, buying, and reading digital assets to its users across the region, it was very necessary for the firm to register under the French AMF. France recently made changes to its PACTE law to combat the rate at which money laundering and terrorism financing via crypto increase across the country. The new PACTE law deals with every aspect of trading crypto activities in the country and includes the players’ activities in the sector.
The new law also mandates respective crypto exchanges that want to continue operating in the country to undergo review and gain a license for operating around the region. Also, exchanges that wish to host tokens need to have registered their ICO with AMF before carrying it out.
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