Bitstamp Acquires a French Operational License

Bitstamp, one of the oldest cryptocurrency exchanges, is authorized by the French Financial Markets Authority. As a result, it followed other competitors who had already received the go-ahead from the regulator, such as Binance and Crypto.com. Other European nations including Italy and Spain have actually given Bitstamp their blessing.

On November 17, the business made an announcement regarding its Spanish license. With the Bank of Spain's license, Bitstamp's regional affiliate can now provide electronic wallet safekeeping and exchange services for fiat currency to Spanish customers. Joining companies like Binance and Bitpanda in receiving a license in Spain is Bitstamp, which is now the country's 46th distributor of digital assets. In 2023, French officials gave the go-ahead for the crypto trading facility.

In recent years, Bitstamp has increased its attempts to keep conformity. In order to comply with regulations, it asked users to update the place of origin of cryptocurrencies held on the service in April. The exchange supplied a formal list of examples of documentation elucidating the fiat-related sources of wealth of deposited monies, including wage and retirement payslips, succession documents, proof of income, gift receipts, mining invoices, and other documentation.

Stepping into the French Market

The Autorité des marchés financiers (AMF), France's main financial watchdog, has added Bitstamp to the roster of cryptocurrency marketplaces that are permitted to provide goods and services to individual customers. The company announced the expansion on its Twitter page and expressed its “thrill” in doing so.

Over the past few months, the corporation with its headquarters in Luxembourg has received permits in additional European countries. It became a virtual asset service provider (VASP) in Italy in July 2022, and in November it received regulatory approval in Spain.

The French government has also approved the use of Binance, Bitpanda, and Crypto.com as cryptocurrency exchanges. Binance registered for the first time on the Old Continent in May of last year. Soon after, it received approval in a wide range of areas, such as Spain, Italy, Sweden, and Poland.

Bitstamp Partnership

Immortals, an American professional esports group, partnered with Bitstamp to become its founding associate and official cryptocurrency exchange almost a year ago. The major objective of the partnership is to build a link between the digital asset market and the game industry. Bitstamp USA's CEO, Bobby Zagotta, said:

“Our partnership with Immortals is an extension of our mission to empower our customers by creating a more authentic experience between crypto and gaming. The esports community is diverse, passionate, and highly-attuned to the digital evolution. It is among the first to explore the integration of digital assets within their industry.”

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