The establishment of a European regional headquarters in Paris, France, has been officially announced by Crypto.com.
In an effort to strengthen its compliance, business development, and product divisions and attract local expertise, the company is investing $145.7 million in the nation.
One of the biggest companies to operate in the industry at the moment is Crypto.com, which has more than 50 million members globally.
It was preparing for this launch for some time even before the regulator’s ultimate decision, and it gained regulatory approval from the French market authority in September.
In spite of prior rejection from the UK but in search of simpler access to the EU market, Crypto.com has made no secret of its desire to establish a branch there.
Although the UK and Italy have acknowledged that the company satisfies all requirements to operate in those countries, earlier obstacles in other markets did not prevent the company from acquiring the required licenses there.
The market regulator also gave the go-ahead for Binance, another cryptocurrency exchange, to begin operations in France.
Because of the early opposition they encountered there, primarily due to the questionable regulatory status of exchanges, crypto exchanges have chosen France as an alternative to the UK.
While the UK has made adjustments to better accommodate cryptocurrency businesses, provided that they adhere to stringent regulatory requirements, the majority of the big names have relocated to other nations, and France will serve as both Binance and Crypto.com’s operational headquarters for the majority of the EU.
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