Crypto Banking Firm BCB Group Secures Digital Asset and Electronic Money License in France

As a seasoned crypto investor with a strong background in fintech and regulatory compliance, I’m excited about BCB Group’s recent expansion into Europe. France, with its clear rules for responsible innovation in fintech and digital assets, presents an ideal regulatory base for the payments processor linking crypto firms to the banking system.

I, as an analyst, would share that BCB Group, a payments processor bridging the gap between crypto companies and traditional banking systems, intends to broaden my horizons in Europe once regulatory approval is granted in France, according to a press release published on Monday.

As a crypto investor, I’m excited to share that BCB has been granted authorization by both the ACPR and the AMF, France’s primary financial regulatory bodies. This means that BCB is now officially recognized as an Electronic Money Institution (EMI) and Digital Assets Services Provider (DASP).

As a researcher studying the regulatory landscape for digital financial services in France, I’ve discovered that companies intending to deal with electronic money must apply for an Electronic Money Institution (EMI) license issued by the Autorité de Contrôle Prudentiel et de Résolution (ACPR). Notably, EMIs are also permitted to offer payment services. Moreover, businesses offering digital asset services like custody or cryptocurrency trading within the country need to secure a Digital Asset Service Provider (DASP) license from the Autorité des Marchés Financiers (AMF).

The Employee Money Initiative (EMI) product from BCB can now be accessed by our clients. As for the Dynamic Asset Support Plan (DASP), we anticipate its release soon, contingent upon approval from the Autorité des Marchés Financiers (AMF).

After Jerome Prigent’s appointment as managing director of BCB Europe in late December, the business has seen an increase in licenses being granted. He joined the team specifically to spearhead the company’s growth in this region.

“BCB cited France’s well-defined regulations for innovative practices in fintech and digital assets, coupled with a vibrant banking and financial services sector, as key factors influencing their choice of France as the European hub for the company’s regulatory operations.”

Regulatory approval from the country’s authorities will empower BCB to expand its institutional services in Europe and facilitates partnerships with virtual asset service providers (VASPs), traditional financial institutions, and other market players, according to the company.

“For BCB Group, this development serves as a significant advancement, marking our entry into the European Economic Area for the initial time following Brexit,” stated Oliver Tonkin, CEO of BCB Group, in the statement. “Our interactions with French regulatory bodies have been highly productive, and we’re excited to become an integral part of France’s thriving blockchain community,” he further remarked.

The company has previously attempted expansion into Europe. However, their attempt to acquire Germany’s centenary Sutor Bank, initially proposed over a year ago, was ultimately abandoned in June of last year due to regulatory hold-ups and shifting market circumstances.

The previous CEO of BCB, Oliver von Landsberg-Sadie, parted ways with the company last November in search of fresh endeavors. This move occurred mere five months following the exit of Deputy CEO Noah Sharp, who left after an unsuccessful attempt to acquire Sutor Bank.

UPDATE (April 29, 2024, 13:25 UTC): Adds additional detail from BCB.