Bitvavo Expands to France Amid Growing Cryptocurrency Interest

The Netherlands-based-basedocurrency exchange Bitvavo will expand to France after registering with France’s Autorité des Marchés Financiers. Bitvavo expanded into France shortly after receiving a regulatory license in Austria.

The exchange launched in Italy in 2022 and has applied to register in other major European markets. Registration with the French AMF is crucial for us.

CEO Mark Nuvelstijn stated he was thrilled to bring our consumer-focused service to France. The exchange also highlighted a promising trend for its French expansion.

A recent AMF poll of French investors found that 9% possess cryptocurrency, compared to 7% and 2% for stocks and bonds. Bitvavo has 1.5 million Benelux customers.

Nuvelstijn stressed the exchange’s careful, methodical development into new markets. Focus is crucial.

Attempting to conquer Europe all at once will fail. Step-by-step attention is crucial. Nuvelstijn said our primary emphasis areas are where we have a lot of clients interested in our services.

The EU’s Markets in Crypto-Assets (MiCA) legislation, effective 2024, is another factor. A synchronized European crypto regulation will mature the market, says Bitvavo’s CEO. It will raise standards, which is excellent for the sector because everyone needs to improve their business models.

Second, it opens the European market. You no longer require country-specific licenses, He said the regulation will be more harmonized, making cross-border business easier.

In July 2023, French bank Société Générale became the first conventional financial institution to receive a cryptocurrency license.

Bitstamp received regulatory clearance to operate in the country in February 2023. Binance’s French arm operates despite local authorities’ preliminary inquiries into Know Your Customer and anti-money laundering violations.