Bitstamp has been officially recognized by the Financial Markets Authority of France, as indicated on the regulator’s website.
Binance, Bitpanda and Société Générale’s Forge have all signed up to one of the more complex cryptocurrency regulatory systems in the European Union.
In France, registering a company requires verification that its management is competent and reputable, as well as compliance with anti-money laundering guidelines.
Bitstamp, headquartered in Luxembourg, London and New York, has already achieved registration in Spain and Italy. At present, the European crypto landscape is expecting the enforcement of MiCA (the EU’s Markets in Crypto Assets regulation) which imposes stringent requirements on crypto services like wallets and exchanges with regards to reserve holdings and investor data.
French lawmakers are currently discussing suggestions to address the FTX downfall. These proposals include mandating that unregistered businesses which serve the French market keep client funds apart and handle any potential conflicts of interest, a stricter rule meant to ease the shift to MiCA.
In an email to CoinDesk, the global CEO of Bitstamp, Jean-Baptiste Graftieaux, expressed his pride in the company’s new designation as a virtual asset provider in France.
“France represents one of the most important markets for Bitstamp in Europe,” Graftieaux said. “The crypto-asset market has been experiencing a major turning point for a few months now and, as a pioneering player, we are keen to be a driving force in the adoption of crypto-currencies from a wider public.”
