The Dutch cryptocurrency exchange Bitvavo has received the green light from France’s Autorité des Marchés Financiers (AMF) to operate as a digital asset service provider in the country. This expansion follows Bitvavo’s recent regulatory success in Austria, further marking a strategic step in the exchange’s European growth.
Pivotal Moment for Bitvavo: CEO Expresses Excitement
Mark Nuvelstijn, CEO of Bitvavo, expressed enthusiasm about this milestone, stating,
“Securing registration with the French AMF marks a pivotal moment for us. We are excited about bringing our consumer-focused offering to the French market.”
An intriguing trend supports the expansion efforts of Bitvavo-a recent survey by the AMF reveals that a higher percentage of French citizens own cryptocurrencies (9%) compared to conventional stocks (7%) and bonds (2%).
In a one-on-one interview at the European Blockchain Convention, Nuvelstijn emphasized Bitvavo’s focus on gradual expansion. He highlighted the importance of strategic focus and a step-by-step approach rather than attempting to capture the entire European market at once.
Catalysts for Market Maturation
Addressing the impending Markets in Crypto-Assets (MiCA) regulations set by the European Union, Nuvelstijn sees it as a positive force for the industry. According to him, these regulations will raise the bar of requirements, leading to the improvement of business models across the sector. Additionally, he anticipates that harmonized regulations will facilitate cross-border business operations.
Notably, in July 2023, Société Générale became the first mainstream financial institution in France to obtain a license to offer cryptocurrency services. This signals a growing acceptance of digital assets in traditional financial sectors.
Bitstamp and Binance Navigate Challenges
Bitstamp secured regulatory approval to provide its services in France in February 2023. However, Binance’s French arm faces challenges, reportedly under preliminary investigation for alleged Know Your Customer and Anti-Money Laundering shortcomings.