Bitstamp has been extending its operational tentacles in the industry. The crypto exchange’s latest addition is an active license in France.
The crypto exchange has completed its registration with the country’s Financial Markets Authority. As a result, the Luxembourg-based crypto exchange is set to spar closely with other leading competitors like Binance and Crypto.com in the French market.
Bitstamp Joins The French Digital Asset Market
Recently, Autorité Des Marchés Financiers (AMF), the prominent monetary regulator in France, listed Bitstamp as an approved crypto exchange on its website. It means that Bitstamp has bagged the operating license in the country and can now provide digital assets, products, and services to users within the French market.
Further, the regulator listed some of the expected services that Bitstamp can offer under the license. These include running a trading platform for digital assets, digital assets custody, trading of digital assets against other virtual assets, and the purchase and sale of digital assets for legal tender.
On its part, Bitstamp also posted about the new license in France on Twitter. The exchange expressed its delight to finally enter the French market and explore its great potential. This new development for Bistamp follows France’s relaxation of its licensing requirements for crypto firms.
French regulators now allow crypto companies to operate in the country without completing the licensing processes. They will have more time to comply with the Markest in Crypto-Assets (MiCA) Law of the European Union.
This was after the country’s members of the National Assembly voted for an amendment in France’s regulatory law on crypto firms. So, existing crypto firms will continue their operations without obtaining a full license till the implementation of MiCA.
Some crypto exchanges such as Binance, Crypto.com, and Bitpanda are already operating within the French market. For example, Binance completed its registration with the France regulators in May 2022 and has been offering services since then.
Bitstamp And Other Expansion Moves
Besides its move into the French market, Bitstamp operates in about 100 countries across the globe, including acquiring operational licenses in some European nations.
In July 2022, it received Italian approval as one of its registered virtual asset service providers (VASFs). Also, it bagged Spain’s license from the country’s regulators in November last year.
Additionally, Bitstamp signed a partnership deal with Immortals, an E-sport organization, last year. This made the firm become the official crypto exchange of Immortals Esports teams.
Through the collaboration, Bitstamp will provide Immortals and its fans the platform to explore great crypto and NFT integration opportunities. They will be exposed to Web3 and gaming communities while incentivizing fans with crypto giveaways.
Founded in 2011, Bitsamp is among the exchanges that have proved their long-standing ability in the industry. According to the CoinMarketCap ranking, Bitstamp is the sixth top exchange with a 24-hour trading volume of over $134.5 million. Its trading volume surged by about 178.82% over the past day.
Feature Image from Pixabay, chart from TradingView.