- Hong Kong-based crypto asset custodian Hex Trust secures regulatory registration with authorities in France.
- The registration comes a year after it registered to offer its services in Italy.
- Hex Trust CEO says the registration will help the company expand its foothold in Europe.
Hex Trust, a digital asset custodian, has received a regulatory pass to set up operations in France. According to the announcement, the Hong Kong-based company obtained a registration from the Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France.
Specifically, the company obtained a Digital Asset Service Provider (DASP) registration, enabling it to offer services to users in France. As a result, users can now buy, sell, trade, and exchange crypto assets on its platform. Similarly, users can trade and exchange crypto assets for fiat and other digital assets.
Per the details of the announcement, the DASP registration is a significant milestone for the company, especially as it seeks to expand its operations in Europe. Speaking on the event, Alessio Quaglini, Hex Trust CEO, said the license is proof of the company’s commitment to growing in Europe.
Quaglini further emphasized the importance of the registration in what he believes would open the European doors for the company. He added that such a regulatory greenlight from a Major EU regulator would prepare the company for the European MiCA regulation set to kick off in 2024.
This license makes it the second on European soil after the company secured an earlier registration with Italian authorities in May 2022. The Italian registration marked Hex Trust’s entry into Europe after opening its first European Office in Milan. The firm later secured a Virtual Asset Services Provider (VASP) registration with the Organismo Agenti e Mediatori (OAM) in June 2022.
With European countries introducing stricter crypto laws, France has become a choice location for crypto entities in Europe. Recently, the country has seen an influx of crypto entities, registering under its DASP. Notably, the country’s openness to the industry, tax cuts on crypto profits, and less complicated registration process are reasons behind this influx.
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