Crypto Exchange Bitstamp Registers in France
Bitstamp has officially registered with the Financial Markets Authority in France, according to the regulator’s website.
The exchange joins Binance, Bitpanda and Société Générale’s Forge unit in registering under what is one of the most sophisticated crypto regimes in the European Union.
In France, registration involves checks that the company has competent and reputable management and complies with money laundering norms.
Bitstamp, based in Luxembourg, London and New York, has already registered in Spain and Italy. The European crypto sector is currently awaiting the arrival of the EU’s Markets in Crypto Assets regulation, MiCA, which imposes tough reserve and investor information requirements on crypto services such as wallets and exchanges.
Under proposals currently being discussed by French lawmakers in the wake of the FTX collapse, unregistered companies serving the French market would have to separate client assets and manage conflicts of interest – a tougher requirement intended to bridge the transition to MiCA.
In a statement emailed to CoinDesk, the Global CEO of Bitstamp, Jean-Baptiste Graftieaux, said the company is "very proud" of its new status as a virtual asset provider in France.
"France represents one of the most important markets for Bitstamp in Europe," Graftieaux said. "The crypto-asset market has been experiencing a major turning point for a few months now and, as a pioneering player, we are keen to be a driving force in the adoption of crypto-currencies from a wider public."
Read more: MiCA at the Door: How European Crypto Firms Are Getting Ready for Sweeping Legislation
UPDATE (Feb. 8, 14:31 UTC): Adds comment from Bitstamp.