Digital asset custodian Hex Trust obtains regulatory approval in France, signaling its expansion into the European market.
Key Points
- Hex Trust obtains DASP registration in France, expanding its services to the European market amid regulatory tensions in the United States.
- The registration allows Hex Trust to offer digital asset custody and trading services in France, part of their broader European expansion plans.
- France’s supportive stance on crypto companies attracts firms like Bitstamp, Binance, and Crypto.com, making it an attractive location for strategic expansion.
- Hex Trust’s CEO sees growth potential in the EU market and acknowledges the upcoming European MiCA regulation to regulate the digital asset industry in the region by 2024.
Hex Trust, a popular digital asset custodian, announced that it has obtained Digital Asset Service Provider (DASP) registration from Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France. This move comes amidst increasing regulatory tensions in the United States, prompting many crypto companies to explore more favorable jurisdictions in Asia and Europe.
🇫🇷 Hex Trust receives regulatory approval in France to provide digital asset custody services
Hex Trust has obtained the Digital Asset Service Provider (DASP) registration, granted by Autorité des Marchés Financiers (AMF) & @ACPR_actu (ACPR) in France.
1/3 pic.twitter.com/r1NvyD3WBn
— Hex Trust (@Hex_Trust) August 2, 2023
Hex Trust’s Strategic Expansion in France
While originally based in Hong Kong, a prominent crypto hub, Hex Trust’s expansion into France is a significant step for the custodian. France has witnessed a notable influx of crypto firms, making it an attractive location for Hex Trust’s broader European expansion plans. The DASP registration obtained by Hex Trust could have several advantages, including expediting registrations and license procedures across the continent.
With this new registration, Hex Trust will be able to offer several services to users in France, such as digital asset custody, purchase and sale of digital assets for legal tender, and trading of digital assets against other digital assets. The official blog post by Hex Trust provides further details regarding this regulatory approval.
Alessio Quaglini, the CEO and co-founder of Hex Trust, expressed the significance of this registration, stating that it demonstrates their commitment to expanding in Europe. Quaglini also acknowledged the strong growth potential in the EU market and the upcoming European MiCA regulation, designed to regulate the digital asset industry in the region by 2024.
France’s Supportive Stance on Crypto Firms
In contrast to the regulatory challenges faced by crypto companies in the United States, France has welcomed such firms to establish their businesses within its borders. Following the European Union’s approval of comprehensive regulations to govern the crypto sector in the region, Benoît de Juvigny, Secretary General of the Autorité des marchés financiers (AMF), expressed France’s openness to American players seeking to benefit from its regime and European arrangements in the future.
Notably, Bitstamp secured an operational license in France earlier this year, and Societe Generale’s digital asset venture, SG Forge, became the first crypto company to acquire a regulatory license approval as a Digital Asset Service Provider from the French Financial Markets Authority (AMF). Binance and Crypto.com also received regulatory approval for their operations in France.
Final Thoughts
Hex Trust’s DASP registration in France marks a significant milestone for its European expansion plans. With France actively welcoming crypto firms and providing regulatory support, the country has become an attractive destination for companies looking to operate in a favorable environment. This move by Hex Trust is aligned with the broader trend of crypto businesses strategically relocating to promising jurisdictions in Asia and Europe.
