Crypto.com chooses Paris for its European headquarters after investment of 150 million euros

by Arthur · October 13, 2022

Arc de Triomphe in Paris. Source: Adobe/orpheus26

Major cryptocurrency exchange Crypto.com will establish its European regional headquarters in the capital of France, Paris.

The exchange has also announced an investment of 150 million euros ($145 million) in the country to support the establishment of a regional headquarters as well as other market operations, according to a blog post on Wednesday.

The move comes after Crypto.com received regulatory approval in the country, registered as a Digital Asset Service Provider (DASP) with France’s stock market regulator Autorité des marchés financiers (AMF), and received approval from the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

“Our regulatory approval was the first important step in our journey in France and we look forward to continuing to engage with stakeholders across sectors to help facilitate the new digital economy in France and provide customers a best-in-class crypto experience,” Eric Anziani, COO of Crypto.com, said.

Apart from the establishment of the EU headquarters, the investment will also be used to hire local talent in France to focus on business development, compliance and product. Furthermore, the exchange is trying to expand its “brand presence in the market through consumer activations, engagement and education.”

With more than 50 million users, Crypto.com is one of the largest crypto trading platforms in the world. According to a ranking by CoinGecko, the exchange is the 12th largest crypto platform in terms of volume, with a trading volume of more than $236 million in the last 24 hours.

Binance invests €100 million in France

Crypto.com is not the only exchange doubling its presence in Europe and especially France. As reported, Binance has continued to deepen its relationship with the country while CEO Changpeng Zhao (CZ) called Paris the financial hub for crypto in Europe.

During an opening session of Binance Blockchain Week Paris 2022, CZ said the crypto market is set to “explode” in France over the next five years, thanks to the strong push for crypto adoption and some measures by the French government, including efforts to lower taxes and ease labor laws.

CZ also called the EU’s Market in Digital Assets (MiCA) framework “fantastic” but a bit strict, especially on stablecoins. “The drafts do not adopt USD-based stablecoins, which have 75% of the liquidity in the market,” he said.

Meanwhile, members of the European Parliament’s Committee on Economic and Monetary Affairs (ECON) approved the MiCA framework, which allows providers of wallets and other crypto services to market across the bloc, earlier this week.