Coinhouse, a platform for buying and trading cryptocurrencies, is now the first company related to cryptocurrencies that has been registered with France’s Financial Markets Authority (AMF).
According to a report from CoinDesk, this means the platform could gain access to banking services in the country.
Speaking on the matter is Julien Moretto, a spokesman at Coinhouse, who said to the publication:
“It’s a recognition from the AMF that you’re a serious actor and do some strict [know-your-customer] policy.”
The main thing Coinhouse had to do was ensure it could freeze assets in case of emergency, alongside hire someone to monitor financial activity there as well.
Essentially, they made themselves as reliable as a traditional bank or financial service. Now that the group can freeze assets as they need and monitor activity throughout the exchange, they’re a much more reliable source to store funds.
These features are part of what make banks so appealing for many, and ensures that users can recover their funds whenever necessary.
“The registration will soon be mandatory to do buy/sell and custody activities on cryptocurrency in France, but the license will be important for the brand image,” according to Sandrine Lebeau, the director of compliance and risk at the exchange, speaking to CoinDesk.