The Dutch cryptocurrency exchange Bitvavo has announced that it has received authorization from the French regulator Autorité des Marchés Financiers (AMF) to operate as a digital asset service provider.
The AMF registration comes weeks after Bitvavo received regulatory approval to offer its services in Austria and a year after the exchange received approval to operate in Italy. All of this indicates that the company is looking to expand and strengthen its business in the European cryptocurrency market.
"Securing registration with the French AMF is a defining moment for us. We are very excited to introduce our consumer-oriented offering to the French market," said Bitvavo CEO Marc Nuvelstijn.
The exchange noted that the growing demand for digital assets in France was a key factor in Bitvavo's selection. According to a recent AMF survey, 9% of French investors own cryptocurrencies, which is higher than ownership of traditional stocks (7%) and bonds (2%).
Still, Bitvavo is sticking to a slow and gradual global expansion, Cointelegraph reported. Nuvelstijn stressed the importance of focusing its efforts where there is high demand for its offerings, adding that trying to cover all of Europe at once is doomed to failure.
"Focus is the key to success. You can try to cover all of Europe at once, but that is doomed to failure. I think it is very important to focus step by step. Our main areas of focus are where we have a lot of popularity and where we see that we have a lot of clients interested in our services," says Nuvelstijn.
Another factor working in favor of the European market is what the exchange sees as the EU's new Markets in Crypto Assets (MiCA) regulations, which are set to be implemented by 2024.
"This will raise the bar of requirements, which is good for the industry as everyone will have to improve their business models. Secondly, it will open up the European market. So you will no longer need a license for each country. Regulation will be more harmonized, so it will be easier to do business across borders," said the head of Bitvavo.
It is worth noting that the cryptocurrency market in France has recently attracted more and more large companies, such as Société Générale and Bitstamp.
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