Major cryptocurrency exchange Crypto.com will establish its European regional headquarters in the capital city of France, Paris.
The exchange has also announced a €150 million ($145 million) investment into the country to support the establishment of a regional headquarters as well as other market operations, according to a Wednesday blog post.
The move comes after Crypto.com received regulatory approval in the country, registering as a Digital Asset Service Provider (DASP) with France’s stock market regulator the Autorité des marchés financiers (AMF), and gaining clearance from the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
“Our regulatory approval was the first important step in our journey in France, and we look forward to continuing to engage with stakeholders across sectors to help facilitate the new digital economy in France and providing customers with a best-in-class crypto experience,” Eric Anziani, COO of Crypto.com, said.
Aside from the establishment of its EU headquarters, the investment will also be used to hire local talent in France to focus on business development, compliance, and product. Furthermore, the exchange tries to expand its “in-market brand presence through consumer activations, engagement, and education.”
With more than 50 million users, Crypto.com is one of the largest crypto trading platforms in the world. According to a ranking by CoinGecko, the exchange is the 12th largest crypto platform in terms of volume, with a trading volume of more than $236 million over the past 24 hours.
Crypto.com is not the only exchange doubling down on its presence in Europe and especially France. As reported, Binance has continued to deepen its relationship with the country while its CEO Changpeng Zhao (CZ) called Paris the financial hub of crypto in Europe.
During an opening session of the Binance Blockchain Week Paris 2022, CZ said the crypto market is set to “explode” in France over the next five years, thanks to the strong push for crypto adoption and some measures by the French government, including efforts to lower taxes and ease up employment laws.
CZ also called the EU’s Market’s in Digital Assets (MiCA) frameword as “fantastic” but a bit strict, especially on stablecoins. “The drafts are not adopting USD-based stablecoins, which have 75% of the liquidity in the market,” he said.
Meanwhile, members of the European Parliament Committee on Economic and Monetary Affairs (ECON) approved the MiCA framework, which allows providers of wallets and other crypto services to market themselves across the bloc, earleir this week.
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