Bitvavo Expands: Regulatory Approvals in France & Austria
The Dutch cryptocurrency exchange Bitvavo continues its global expansion with recent regulatory approvals in Austria and France, marking significant milestones in its mission for wider European service provision.
Bitvavo, headquartered in the Netherlands, has secured authorization from France’s Autorité des Marchés Financiers (AMF) to operate as a digital asset service provider, opening doors for the company to serve French users. This achievement swiftly follows Bitvavo’s recent regulatory clearance in Austria and its prior expansion into the Italian market in 2022, with ongoing registration endeavors across other key European territories.
CEO Mark Nuvelstijn expressed enthusiasm, calling the registration with the French AMF a crucial advancement. He emphasized the exchange’s excitement to introduce its consumer-centric services to the French market.
Bitvavo’s expansion strategy aligns with significant trends within France. A recent survey conducted by the AMF revealed that a higher percentage of French investors hold cryptocurrencies (9%) compared to traditional stocks (7%) and bonds (2%).
Presently serving approximately 1.5 million clients in the Benelux region, Nuvelstijn emphasized the exchange’s cautious, step-by-step approach to market expansion during an exclusive interview at the European Blockchain Convention in Barcelona. He stressed the importance of focus and gradual growth in markets where Bitvavo observes substantial client interest and traction.
Moreover, Nuvelstijn discussed the impending European Union’s Markets in Crypto-Assets (MiCA) regulations, expected to be implemented from 2024 onwards. He highlighted the positive impact of a unified regulatory framework, anticipating increased industry standards and simplified cross-border operations within the European market. This harmonization, he believes, will encourage maturity within the sector.
