While buzz grows around the Middle East and Hong Kong as emerging crypto hubs, do not overlook Europe. Specifically, France is making waves as a potential digital asset safe haven. Hex Trust just secured a license to offer digital asset custody and trading services.
From Hong Kong to Europe: Hex Trust Gets a License in France
The recent regulatory turmoil in the cryptocurrency industry has led many firms from the US and Europe to start relocating, among other places, to Hong Kong. This time, however, a firm from China's special administrative region decided to move to Europe, thereby expanding its previous scope of activity.
Hex Trading, a digital asset custodian, has just obtained a license from France's Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR). As a result, it can provide its cryptocurrency services in France. Previously, the company acquired a similar license allowing it to operate in the Italian market.
"Receiving the DASP registration from a major EU Regulator is an important vote of confidence and demonstrates our commitment to Hex Trust's ongoing expansion in Europe," commented Alessio Quaglini, the CEO and Co-Founder of Hex Trust. "The EU is a key market for Hex Trust, as we see strong growth potential and prepare for the European MiCA regulation, set up to regulate the digital asset industry in the region by 2024."
The DASP registration will fully enable Hex Trust to provide the following services: digital asset custody, the purchase/sale of digital assets for legal tender, & the trading of digital assets against other digital assets.2/3
— Hex Trust (@Hex_Trust) August 2, 2023
As new cryptocurrency market regulations come into force in Europe in 2023, some countries have begun to tighten their legislation and set higher requirements for digital asset industry firms. As a result, for example, Binance was forced to reduce its presence in Europe. What is more, company faces lawsuit over potentially illegal activities in france since 2022.
France, however, continues to offer favorable conditions for cryptocurrency companies, including a simplified registration process and tax cuts for companies operating in innovative industries. The Web3 sector is one of these industries.
Can France Become European Crypto Hub?
The introduction of the Markets in Crypto Assets (MiCA), new cryptocurrency regulations, has started to raise questions about the future of the crypto industry in Europe. However, even before the law was enacted, French authorities took steps to support the sector's development.
As part of the so-called 2030 plan, France has allocated €30 billion to develop the technology sector, including Web3. Since 2017, at least €1.3 billion has been raised in France to fund cryptocurrency projects.
Yet, France may encounter many foreign competitors on its way to become a crypto hub. Hong Kong has changed local laws for this purpose, and the United Arab Emirates (UAE) has recently issued a record number of licenses.
This article was written by Damian Chmiel at www.financemagnates.com.
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