Popular digital asset custodian, Hex Trust, has announced its expansion into France with the acquisition of Digital Asset Service Provider (DASP) registration from the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR). This move comes at a time when regulatory tensions are escalating in the United States, leading many crypto firms to seek more favorable jurisdictions in Asia and Europe.
Hex Trust, originally based in Hong Kong, has strategically chosen France as its next destination due to the country’s growing interest in the crypto industry. The company believes that obtaining this registration is a significant milestone for its European expansion plans, as it will facilitate the process of obtaining licenses and registrations across the continent.
With the DASP registration, Hex Trust will be able to offer a range of services to users in France, including digital asset custody, the purchase and sale of digital assets for legal tender, and the trading of digital assets against other digital assets. This positions Hex Trust as a reliable custodian for individuals and institutions looking to securely manage their digital assets in the French market.
Alessio Quaglini, CEO and co-founder of Hex Trust, expressed his excitement about the company’s expansion into Europe and the confidence that the DASP registration brings. He sees strong growth potential in the European market and believes that the upcoming European MiCA regulation, set to regulate the digital asset industry by 2024, further emphasizes the importance of Hex Trust’s presence in the region.
France has emerged as a welcoming destination for crypto firms, especially in contrast to the regulatory challenges faced by companies in the United States. The country has recently implemented a comprehensive set of regulations to govern the crypto sector, providing a clear framework for businesses to operate within. This has attracted several major players, including Bitstamp, Societe Generale’s SG Forge, Binance, and Crypto.com, who have all obtained regulatory approvals or licenses in France.
The French financial authorities have expressed their openness to American companies seeking to benefit from the country’s crypto-friendly regime. Benoît de Juvigny, Secretary General of the Autorité des marchés financiers (AMF), stated that American players are welcome to take advantage of the French regime and the upcoming European arrangements.
Hex Trust’s expansion into France not only highlights the country’s growing interest in the crypto industry but also demonstrates the company’s commitment to providing secure and compliant custodial services in Europe. With the DASP registration in hand, Hex Trust is well-positioned to serve the needs of the French market and contribute to the development of the digital asset industry in the region.