Bitstamp has extended its operational tentacles into the industry. The latest addition to the crypto exchange is an active license in France.
The crypto exchange has completed registration with the country’s Financial Market Authority. As a result, the Luxembourg-based crypto exchange is set to spar closely with other major competitors such as Binance and Crypto.com in the French market.
Bitstamp Joins French Digital Asset Market
Recently, the Autorité Des Marchés Financiers (AMF), the leading monetary regulator in France, registered Bitstamp is an approved crypto exchange on the website. This means that Bitstamp has obtained an operating license in the country and can now provide digital assets, products and services to users in the French market.
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Furthermore, the regulator listed some desired services that Bitstamp could offer under the license. This includes opening a trading platform for digital assets, holding digital assets, trading digital assets against other virtual assets, and buying and selling digital assets for legal tender.
In this section, Bitstamp also sent about the new license in France on Twitter. The exchange expressed its happiness to finally enter the French market and explore its great potential. This new development for Bistamp follows France’s relaxation of licensing requirements for crypto companies.
French regulators are now allowing crypto companies to operate in the country without completing the licensing process. They will have more time to comply with the EU Markest in Crypto-Assets (MiCA) Law.
This is after members of the National Assembly of the country voted for amendment in French regulatory law regarding crypto companies. As such, existing crypto companies will continue to operate without obtaining a full license until the implementation of MiCA.
Several crypto exchanges such as Binance, Crypto.com, and Bitpanda are already operating in the French market. For example, Binance completed its registration with the French regulator in May 2022 and has been offering services since then.
Bitstamp And Other Expansion Movements
In addition to moving to the French market, Bitstamp operates in about 100 countries around the world, including obtaining operational licenses in several European countries.
In July 2022, that is accepted Italian approval is one of the registered virtual asset service providers (VASF). Well, it is pocket Spanish license from the state regulator in November last year.
In addition, Bitstamp enter partnership deal with Immortals, an E-sports organization, last year. This makes the company the official crypto exchange of the Immortals Esports team.
Through the collaboration, Bitstamp will provide a platform for Immortals and fans to explore great crypto and NFT integration opportunities. They will appear on Web3 and the gaming community while incentivizing their fans with crypto prizes.
Founded in 2011, Bitsamp is one of the exchanges that has proven its ability for a long time in the industry. According to CoinMarketCap ranking, Bitstamp is the sixth highest exchange with a 24-hour trading volume of more than $134.5 million. The trading volume of this stock increased by 178.82% during the past day.
Feature Image from Pixabay, chart from TradingView.