The Netherlands-based cryptocurrency exchange Bitvavo is making significant strides in its European expansion, with its latest achievement being the successful registration as a digital asset service provider with France’s Autorité des Marchés Financiers (AMF). This move into the French market comes on the heels of Bitvavo’s recent regulatory approval in Austria and its expansion into Italy in 2022. The exchange is also actively pursuing registration in other key European markets.
Bitvavo’s CEO, Mark Nuvelstijn, expressed enthusiasm about the new development, 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.” This expansion aligns with an interesting trend in France, where a recent AMF survey revealed that a higher percentage of French investors own cryptocurrencies (9%) compared to traditional stocks (7%) and bonds (2%).
Currently serving approximately 1.5 million customers in the Benelux region, Bitvavo is known for its cautious and strategic approach to expansion. In a recent interview with Cointelegraph at the European Blockchain Convention in Barcelona, Nuvelstijn emphasized the importance of a focused, gradual expansion strategy. “Focus is key. You can try to get all of Europe at once, but that will set yourself up for failure. I think it’s really important to focus step by step. Our core focus areas are where we have a lot of traction, where we see that we have a lot of clients who are interested in our services,” he said.
Another key factor in Bitvavo’s strategy is the upcoming implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulations, expected to come into effect from 2024 onwards. Nuvelstijn believes that these regulations will not only raise industry standards but also facilitate easier cross-border business within the EU due to more harmonized regulations.
The cryptocurrency landscape in France is becoming increasingly competitive and regulated. Société Générale, a major French bank, made headlines in July 2023 as the first mainstream financial institution in the country to obtain a license for cryptocurrency services. Similarly, Bitstamp received regulatory approval to operate in France in February 2023.
Meanwhile, Binance’s French subsidiary continues its operations in the country amid a preliminary investigation by local authorities over alleged deficiencies in its Know Your Customer and Anti-Money Laundering practices. This evolving regulatory environment underscores the growing importance of compliance and strategic expansion in the dynamic world of cryptocurrency.
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