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Crypto Banking Firm BCB Group Receives Operational License in France
BCB Group, a prominent financial services company headquartered in London, has received regulatory approval from Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR) of France to legally enter the country and provide its product offerings to customers in the region.
According to a CoinDesk report, the financial watchdog granted the company’s application to operate as an Electronic Money Institution (EMI) and Digital Assets Services Provider (DASP).
BCB to Make France Its European Base
BCB will immediately start offering its EMI products and services. However, its DASP services are still subject to final confirmation from the AMF before it becomes available to the public. The company is a top provider of payment and trading services for the digital asset industry, focusing on institutional clients. BCB offers business accounts, crypto services, and market liquidity to major exchanges like Crypto.com, Gemini, Bitstamp, Kraken, and Galaxy Digital.
Despite being headquartered in the UK, the company plans to make France its European regulatory base. Jerome Prigent, the newly appointed managing director of BCB Europe, believes the move will open the doors to other EU countries.
“The ACPR will effectively provide passports to EU countries, allowing us to knock on their door with a French license and ask to prove ourselves in their country,” said Prigent.
The firm pointed out that France’s clear regulations supporting fintech and digital asset innovation and its dynamic banking and financial services ecosystem played a pivotal role in the company’s decision to establish its European regulatory base in the country.
BCB Unveils Global Expansion Plans
The recent regulatory approval marks a significant milestone for the company and serves as a catalyst for its strategic expansion into the European Economic Area (EEA).
With a clear vision for sustained growth, BCB also intends to diversify its portfolio of regulatory licenses and approvals outside the EEA.
The firm is targeting key markets in the industry, such as Asia, the Middle East, and LATAM (Latin America) as major growth centers for its services.
The crypto company has already demonstrated its regulatory compliance and operational excellence in countries where it has secured regulatory approvals, such as the UK and Switzerland.
In the UK, the firm operates under its subsidiary, BCB Payments Limited, as an authorized payments institution regulated by the Financial Conduct Authority (FCA). Similarly, its presence in Switzerland is strengthened through membership in VQF, a self-regulatory organization recognized by the Swiss financial regulator FINMA.
The company said its Swiss expansion provides optionality in a market with a welcoming regulator, advanced systems, and substantial market opportunities for credit institutions.
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Crypto Banking Firm BCB Group Receives Operational License in France
Source: https://www.coinspeaker.com/crypto-bcb-operational-license-france/