Bitvavo, a Netherlands-based crypto exchange, is poised to broaden its services to French users. They are following its registration as a digital asset service provider with France’s Autorité des Marchés Financiers.
This move follows its recent regulatory approval in Austria. Bitvavo has submitted registration applications for several other prominent European markets.
Bitvavo CEO Mark Nuvelstij says, “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.”
The exchange emphasized a compelling trend driving its French expansion. A survey revealed that more French citizens own cryptocurrencies than traditional stocks or bonds.
Bitvavo’s strategic approach aligns with its CEO’s vision for steady growth. Nuvelstijn stresses focusing efforts where there's traction, avoiding the risk of failure by attempting wide-scale European coverage.
The exchange is taking into account the forthcoming European Union’s Markets in Crypto-Assets (MiCA) regulations. It is scheduled for phased implementation by 2024.
Nuvelstijn regards the harmonization of regulations across the European market as a positive step. It aims to set higher standards for businesses. They promote maturity within the sector. Anticipated benefits of MiCA include streamlining cross-border operations. Also removing the necessity for individual licenses in each country.
Bitvavo's expansion reflects wider trend seen among cryptocurrency exchanges. Also for their service providers establishing footholds in the country.
Société Générale and Bitstamp have secured licenses to provide cryptocurrency services in France. They have secured alongwith with Binance continuing its operations in the country.