Coinhouse French crypto license approval marks the beginning of an exciting journey that will bring the European nation on the world crypto map. Coinhouse has now officially become the first crypto trading company to secure a license from the French financial watchdog, the Financial Markets Authority (AMF).
The newly acquired license means Coinhouse can now indulge in the French banking services realm. Also, the new deal will most likely prove more beneficial than its current setup with a German bank. Julien Moretto of Coinhouse said that the license represents a recognition of the company’s financial credentials by the country’s authorities.
Coinhouse French crypto license will set the company apart
The regulators made sure that only the best of the firms pass the stringent guidelines to secure a permit. Coinhouse had to demonstrate the ability to freeze assets and ensure funds are released suitably in case of fraud. Additionally, a compliance controller must be employed to identify and prevent fraudulent financial activity on the platform. The same controller must be compatible with Scorechain, a blockchain analysis tool. It seems Coinhouse french crypto license doesn’t come easy.
Currently, the company is busy raising equity, preparing investment disclaimers, legal compliances, and adding risk warnings in order to secure a French crypto license. Moretto added that AMF is likely to start issuing crypto licenses somewhere around September 2020. As per the Coinhouse compliance and risk director, Sandrine Lebeau, the license is vital to building a positive image for the business. Now, the firm can run commercials in the country as well.
Tougher French crypto laws demand more compliance
France demands that companies indulging in fiat-to-crypto and vice versa services register with the authorities to comply with anti-money laundering laws. French PACTE law lists the guidelines to be followed by crypto firms operating int eh country.
Five more firms are currently in discussions with French authorities to secure the coveted crypto license. Coinhouse French crypto license will help cut trading costs, attract significant investments from fund houses, and hire local staff. The company also plans to expand its portfolio management services in the European nation. A Euro-pegged stablecoin is also under the works.