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Luno CEO and co-founder Marcus Swanepoel noted the importance of regulation to the mass adoption of cryptocurrencies.
Crypto exchange Luno has obtained its digital asset provider (DASP) registration from French regulators, Autorité des Marchés Financiers (AMF). Luno is the latest exchange to register with the AMF after eToro obtained registration in June. Binance France also received similar registration in May.
While Luno previously provided services for French customers, it had to be solicited. According to the Global head of public policy at Luno, Thomas Tudehope, “this means that prospective customers had to approach Luno through their own initiative.” With this registration, the firm can now offer French users an opportunity to invest directly in digital assets and other investment products.
However, with the registration, the firm can now offer its products and services directly to French residents in France. Consequently, the firm will legally provide custodial services for digital assets and operate a trading platform for them, facilitating their exchange.
DASP Registration Only a First Step
Established in 2013, Digital Currency Group acquired Luno in 2020. Currently, the firm has about nine million customers globally, with a chunk of that number in Africa. The firm has offices in London, Singapore, Cape Town, Johannesburg, Lagos and Sydney.
Luno has a mission to put crypto in the hands of as many people as possible. As part of its strategic plan, the firm has been proactive in safeguarding its customers.
Luno CEO and co-founder Marcus Swanepoel noted the importance of regulation to the mass adoption of cryptocurrencies. As a result, the company prioritizes regulatory compliance and has compliance and security ingrained in its culture.
Swanepoel also noted the DASP registration is key to the achievement of its strategic growth plans. Following the registration, the company hopes to pursue an optional license from the AMF. No other exchange in the country has obtained that yet.
MiCA Bill will Affect European DASPs
Meanwhile, in July, the European Union reached an agreement on the Markets in Crypto Assets Framework (MiCA). Consequently, Europe became the first continent to develop such a framework. While the details are scanty, the MiCA bill will affect the entire regulatory landscape in Europe, including France. Once implemented, the regulation will also affect money issuers and DASPs.