Bitvavo Obtains AMF Approval To Expand Across Europe

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Bitvavo, a cryptocurrency exchange platform based in the Netherlands, is expanding its operations into France. The development comes after the exchange received approval from Autorité des Marchés Financiers (AMF), France’s regulatory authority.

The development marks another milestone in Bitvavo’s expansion of its operations across Europe. Recently, the exchange secured a regulatory greenlight in Austria. It had previously gained entry into Italy.

Bitvavo Expands Into France

Bitvavo is a cryptocurrency exchange founded in 2018. The exchange’s operations are based in Amsterdam, and is also a member of the Dutch Association of Bitcoin Companies. As such, the exchange is bound to operate under the regulatory restrictions of the Netherlands.

Bitvavo’s expansion into the Netherlands is crucial to the exchange’s growth plans. According to the CEO, Mark Nuvelstijn, the company plans to unveil consumer-centric services to French-based users. The offering shows the platform is optimistic about its growth in the French market.

Bitvavo made headlines after the Gemini crypto exchange urged Dutch users to withdraw or transfer assets to other wallet addresses. Gemini recommended Bitvavo as one of the exchanges where its users can transfer their assets. This referral gave the exchange authenticity among crypto users.

Growing Crypto Usage In France

The recent registration in France also comes amid a significant trend change among French citizens. Crypto adoption in France has skyrocketed, which explains Bitvavo’s expansion into the country. The move could also see Bitvavo expand its operations across Europe, with the exchange catering to an increased demand for crypto services.

The crypto regulatory framework in France could also change to align with the pan-European framework under the Markets in Crypto-Assets (MiCA) regulatory framework. Earlier this year, the AMF revealed the guidelines stipulated under the General Regulation and policy about virtual asset service providers.

The new guidelines require that crypto platforms abide by specific requirements. These platforms should have conflict-of-interest management systems in place. They should also offer additional disclosure obligations and differentiate between client and platform assets.

There are 74 registered companies in France. Besides Bitvavo, Circle is another company that recently secured regulatory approval in France. eToro and Luno have also secured regulatory approval from the AMF. The expansion of these companies into France shows that the country is becoming an ideal destination for crypto companies.

About Ali Raza PRO INVESTOR

Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Invezz.com, Business2Community, BeinCrypto, and more.