It appears that the digital asset platform Crypto.com‘s attention has shifted from acquisitions and sponsorship deals during the bull market to growth, particularly in Europe.
Crypto.com, a digital asset platform based in Singapore, received signed approval from the French regulators. The stock market regulator Autorité des Marchés Financiers gave the digital asset platform the green light to register as a Digital Asset Service Provider (DASP) (AMF). The platform was given the green light after it passed muster with the country’s financial regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
The platform for digital assets can now offer a full range of services to customers in France after receiving the necessary authorization from the country’s regulatory authorities. The platform is counting on this approval to help it expand its services throughout Europe.
In 2022, the mobile-first digital asset exchange platform will have secured approval from over a half-dozen regulatory bodies in the Americas, Asia, and Europe.
Crypto.com received two European regulatory approvals in July 2022; one in Cyprus and one in Italy. Kris Marszalek, the platform’s co-founder, and CEO, had previously stated that the company’s expansion efforts were concentrated in Europe.
Earlier this year in August, the digital asset platform was given permission by British authorities to engage in “certain crypto activities.” The digital asset platform has received major regulatory approvals in several other regions outside of Europe, including Dubai, Ontario, Canada, the Cayman Islands, Singapore, and South Korea.
France’s regulatory green light for the digital asset platform is particularly noteworthy given how soon after the Formula 1 (F1) sponsorship debacle it came. Earlier in July, a number of Formula One racing teams either completely covered up or removed all branding and logos associated with Crypto.com and other cryptocurrency-related sponsors. Given the lack of clarity surrounding crypto regulations in the country, this was done.
During the bull market, the Singapore-based digital asset platform prioritized sponsorship deals and acquisitions; now, in the bear market, the platform is shifting its focus to expanding its services to new regions.