The coronavirus pandemic is a big problem. Nevertheless, the crypto industry is evolving, and recently one crypto company registered with authorities. This company is Coinhouse.
It is worth mentioning that, Coinhouse became the first crypto company to register with the Financial Markets Authority (AMF), the top financial regulator in France.
The crypto company has to comply with several requirements. For example, the company has to prove it can freeze assets. Moreover, companies should have enough money to reimburse clients in the case of proven fraud.
There are other prerequisites as well. For instance, Coinhouse hired a compliance controller. This employee should detect suspicious financial activity. Also, the trading company had to prove it could use a blockchain analysis tool such as Scorechain.
Crypto company and new opportunities
Last year more precisely, in May French lawmakers passed PACTE law. As a reminder, this law is in place since November 2019. However, only one ICO and one crypto company Coinhouse achieved this status with AMF.
Moreover, even though it is not mandatory to have a crypto license, Coinhouse is now raising equity and integrating risk warnings. The company wants to obtain the license as it is important for the brand image.
Moreover, Coinhoise is preparing investment disclaimers and other legal documents. The French crypto license will allow Coinhouse to produce commercials and ads about their services.
Coinhouse is working on other projects. It plans to develop a euro-pegged stablecoin.
Moreover, thanks to registration from now on Coinhouse will offer custody services for customers instead of having customers carry staked crypto in their wallets.
Last but not least, Coinhouse expects that number of clients will increase across the entire business, thanks to registration and subsequent license. Companies in France as well as in other parts of Europe have the potential to expand their services. Moreover, thanks to crypto regulations, it is possible to tackle problems such as money laundering and other crimes.